ZDA, GED sign Investment Promotion Agreement for $500 million Kasomeno Mwenda road

The Zambia Development Agency (ZDA) has signed an Investment Promotion and Protection Agreement (IPPA) with GED Africa Limited, a company contracted to work on the Kasomeno Mwenda road.

GED, which was awarded the contract to execute the US$500 million project, is funded by Duna Aszfalt Zrt, a Hungarian parent company.

GED Africa Limited Legal and Compliance Manager, Ernest Mate, said the agreement was a commitment by ZDA and government to protect the investment for the project duration.

Mate said this in an interview on the side-lines of the two-day Zambian-Hungary business forum after signing the IPPA.

“Under the Zambian constitution, we already have the protection and the IPPA is an extra layer of protection for the developer and owner,” he said.

ZDA Director-General, Albert Halwampa, said the road was important for Zambia and the Democratic Republic of Congo in terms of promoting trade.

Halwampa added that the agency was supporting President Hakainde Hichilema, as chief marketing officer, by helping to facilitate investments in the country.

“Since the coming of President Hichilema we have witnessed unprecedented number of investors coming in the country,” he said.

He also said there were a lot of opportunities in the country for both local and foreign investors such as in the farm blocks.

“To show seriousness on the farm blocks, government has accessed US$300 million to put in back bone infrastructure to make sure that when investors come they find roads, electricity and irrigation facilities like dams.

I’m encouraging Zambians to be up and running and seize these opportunities,” he said. Halwampa commended Hungary for successfully hosting the integral business forum.

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