Ugandans to build hotel in Zambia

Courtesy ofA Uganda hotel chain group has shown interest to set up a multimillion Dollar Five Star hotel in

Finance Minister, Situmbeko Musokotwane, disclosed this to ZANIS at
the on-going Smart Partnership International Dialogue in Kampala, Uganda.

Dr Musokotwane said the East African group, with business investments
in Uganda and Kenya, is ready to come to Zambia and invest in the
hospitality industry.

Dr Musokotwane said this development follows a successful meeting
between a team of Zambian officials which led 80 Ugandan investors
from different disciplines.

The Zambian team, which also included Commerce, Trade and Industry
Permanent Secretary, Buleti Nsemukila, and Zambia Development Agency
Director General, Andrew Chipwende, provided an update to the Ugandan
investors on investment opportunities obtaining in the country.

He said one of the companies expressed interest to set up a five star
hotel either in the capital city, Lusaka or the tourist capital

The Finance Minister said that the investor, who would travel to Zambia
next week, would hold discussions with government representatives after
which the deal will be sealed.

Dr Musokotwane said the ongoing Smart Partnership dialogue in Kampala
has provided an opportunity to the Zambian delegation to showcase
investment opportunities obtaining in the country.

He said Zambia had benefited a lot from the forum which opened on Sunday,
especially in the area of exchange of experiences and other
development initiatives.

President Rupiah Banda this morning also took part in debates on
various developmental challenges affecting African countries.

The President emphasized that investment in education was key in
fostering development of the African countries while host President,
Yoweri Museveni, called upon Africans to unite.

Meanwhile, Bank of Zambia Governor, Caleb Fundanga, has called for
financial literacy if Zambians are to benefit fully from new products
offered by financial institutions.

Dr Fundanga said the new financial services, such as mobile banking, would only
benefit Zambians if there were knowledgeable enough about the

He said the Smart Partnership summit has enabled the Bank of
Zambia understand how the financial sector of the East African
countries, like Uganda and Kenya, has attained so much progress compared
to Zambia.

“We have learnt a lot from our colleagues and we hope these
experiences will be beneficial to Zambia,” Dr Fundanga said.

He was, however, quick to point out that the Bank of Zambia would closely
monitor any new products introduced by banks to guard against any
inherent risks.

“We will ensure that the new products do not result in people losing
their money through fraudulent ways,” he said.

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