Govt names managers for $40 million environmental protection fund

Government has appointed African Life Financial Services Limited to manage over US$40 million Environmental Protection Fund.

Mines and Minerals Development Minister, Paul Kabuswe, said government would implement a robust monitoring and evaluation system to ensure that the fund was administered in line with the aspirations of sustainable environmental management in the operations of the mining sector.

Kabuswe revealed this during the handover ceremony of the Environmental Protection Fund (EPF) Investments to the Fund manager in Lusaka on Wednesday.

He said government would prioritize transparency and accountability in the mining sector.

“Let me take this opportunity to appeal to African Life Financial Services to abide by the conditions set that of growing the fund through undertaking Investments in areas that supports growth and promotes sound environmental practices,” Kabuswe said.

He said government had made strides to grow the Fund through the EPF Committee, however since the law provided a fund manager was required to ensure that it grow more significantly to maintain the time value of money, there had been some shortcoming.

Kabuswe said the law also provided for every license holder to meet all obligations before closure of the mine or before a closure certificate was awarded.

“It is also provided under the law that the fund gives back the money while at the same time sustaining the cost of managing the fund,” he said.

Kabuswe said the Fund was anchored on two objections as provided under the Mines and Minerals Development Act Number 11 of 2015 which was to provide assurance to government that the developer shall execute the Environmental Impact Statement in accordance with the law.

“Secondly, it is to provide protection to the government against the risks of having the obligation to undertake the rehabilitation of the mining and other related facilities of any mining and non-mining activities,” he said.

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