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Zambia’s debt restructuring programme of US$6.3 billion is set to grow the country’s Information and Communications Technology (ICT) sector.
Technology and Science Minister, Felix Mutati, said investors were waiting for Zambia and its creditors to reach a deal to restructure debt because they could not invest in an economy which was not stable.
He was speaking in Lusaka at the impact connect news makers forum.
“Our sector is growing by 40 percent because last week, we granted three international licences to three companies; BCS, Baobab and AirtelTelesonic leading to an aggregate investment of at least US$55 million,” he said.
He said the companies were waiting for a trigger to invest their money and the trigger came in form of debt relief.
Read more: Zambia to access $189 million IMF facility on Monday —Treasury Secretary
Mutati also revealed that Liquid Telecom was expected to deliver the biggest data centre and innovation hub in the country and Southern Africa with a connection of 1,300 secondary schools to internet.
He is confident that the connection of schools to the internet would improve the provision of education and make children to be part of the digital world.
Mutati assured citizens that government would deliver internet connectivity in the remotest part of the country by the end of this month and no Zambian will ever be out of connection.
“The debt relief would boost the financial sector as players in the sector such as banks had been granted freedom to be able to access international capital without shame so that they can be able to find opportunities for the investment community and earn new streams,” he said.
He expressed happiness that the debt restructuring deal allowed Zambia to be paying US$75 million per annum as opposed to the US$600 million paid before the deal was clinched.
Centre for Trade Policy and Development Public Finance Researcher, Matrina Mumba, said the organisation had been working with the government in simplifying and disseminating information about the debt issue to the lowest level and providing checks and balances.
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