Sata courts Russian investors

Zambia to help create more jobs and reduce poverty.
In a statement from his spokesman George Chellah, President Sata asked the Russian Embassy in Zambia to bring a Russian business delegation to Zambia that would provide potential investors an opportunity to explore “various” business ventures in the country.
This was when he met special envoy for trade from Russia to Zambia Mikhael Margelov at State House during an official visit last Friday.
Mr Sata wants Russians to invest money largely in oil, gas, copper mining, agriculture and construction, which he said need expanding as he tries to grow the economy and create jobs.
The chief executive officer of Russia’s largest gas company Gazprom was the guest at the meeting and expressed interest in investing in Zambia barely a week after Russian envoy to Zambia Boris Makhalov said Russians want to become a “serious” trading partner with Zambia.
Meanwhile, the European Investment Bank (EIB) has lifted sanctions it had earlier placed on Zambia and given the southern African country up to 80 million euros to finance the Great East Road rehabilitation works.
This is according to an EIB emailed statement sent by Finance Ministry spokesman Chileshe Kandeta to the Daily Mail yesterday.
The EIB had earlier frozen aid to Zambia under President Rupiah Banda’s government following the bank’s inspector-general corruption concerns raised in 2009, thereby depriving it of much-needed capital investment for the road that connects Zambia to neighbouring Malawi and possibly Mozambique which are important trading routes for the landlocked country.
The concerns raised were in regard to how money meant for the power company Zesco was being utilised or could have been misapplied in 2009.
But from EIB president Philippe Maystadt, it appears all is well between the bank and Mr Sata’s government, according to the statement which reads in part: “We are pleased to note the public statements by President Sata and his government for declaring a fight against corruption . . . . EIB has decided to lift restriction on EIB activities in Zambia.”
Mr Maystadt said the bank is pleased with the changes President Sata has made at the Anti-Corruption Commission and Zesco and, “we now propose to finance the EIB finance contract for the Great East Road rehab project.”
The EIB, whose financing will also include a Kafue-Livingstone power transmission line, is expected to rise beyond 100 million euros prompting Finance Minister Alexander Chikwanda to assure the bank that all contracts will be done above board via the procurement commission of Zambia as soon as the finances are available.
President Sata has constantly stressed that he will fight corruption diligently and that the fight shall spare no relative or friend. In fact he has already demonstrated his seriousness in the fight, seen as a witch-hunt by the opposition, by setting investigators on his own son Mulenga, who is accused of impropriety by Gregory Chifire, a whistle-blower owner of Citizens Forum.
Both Mulenga, a civil engineer, and Chifire have been questioned by the Drug Enforcement Commission. – Zambia Daily Mail.