Investments in Multi-Facility Economic Zone hit $1 billion, as investor confidence soars

The investment portfolio for the Lusaka South Multi-Facility Economic Zone (LS-MFEZ) has hit US$1.176 billion driven by investor confidence in the area.

The zone has, therefore, for a second time in 10 years of its operation declared dividend of K2 million to the Industrial Development Corporation (IDC).

LS-MFEZ Board Chairperson, Gomeli Litana, said investor confidence coupled with government support had triggered more investment in the zone.

Litana stated that the zone currently had 91 approved investors from an initial of 20 approved investors.

“I hasten to mention that during the last 36 months the most activations for construction have been seen, 28 investors constructing is worthy cause for celebration,” he said on Tuesday when declaring dividend to IDC in Lusaka.

He noted that 2022 saw a further 7,006 direct jobs created bringing the total jibs created to 29,526.

He stated that the last 12 months had seen the investment portfolio grow to US$1.176 billion in 2022 from US$877.39 million in 2021.

On the dividend, Litana said: “Following the conclusion of the financial year and the just ended annual general meeting, where a dividend of K2 million was declared to the IDC, we wish to announce that the LS-MFEZ limited has recorded an operating profit of K7.1 million with a net of K2.8 million.”

Lusaka South Multi-Facility Economic Zone declares K2 million divident to the Industrial Developement Corporation.

Receiving the dividend, IDC Chief Financial Officer, Chearyp Sokoni said, the development was testament to the continued focus of the board and management to transform the company and maintain it on a self-sustaining and resilient trajectory.

Sokoni explained that the IDC used the dividend it received from its investment and re-invested in the development of its many projects.

“Therefore, payments are critical for actualising our pipeline projects and deepen Zambia’s industrial capacity and economic growth. We do recognize the strides that LS-MFEZ has made in furthering the Industrialisation agenda,” she said.

Sokoni said IDC had high expectations from the zone as a catalyst for Industrialisation.

She, however, said the zone was yet to upscale its backbone infrastructure such as roads, sanitation system and fibre optic connectivity.

She said LS-MFEZ was expected to be a model for transformation as a city within a city had so far only developed about 40 percent of the total land of 2,100 hactares in its master plan .

“This calls for high level strategic focus and marketing efforts both locally and abroad,” Sokoni said.

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