Zambia Industrial Development Corporation To List State-Owned Companies

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According to a recent Bloomberg report, in an effort to increase investments in the country and promote economic growth, the recently established Zambia Industrial Development Corporation (IDC) has announced plans to sell bonds and stakes in state-owned companies.

Andrew Chipwende, the IDC operations director, recently spoke with a Bloomberg reporter in Lusaka and indicated that the organization is actively looking to increase privatization of companies with the public listing of numerous state-owned companies.

“With the IDC, we will probably be undertaking privatization even more vigorously,” he said, “We are actually setting a platform to undertake even further privatization.”

With an interest in reducing the country’s dependence on copper, the IDC is reportedly exploring opportunities with private companies to invest in areas including agriculture, horticulture, manufacturing, renewable energy and tourism.

According to Mr. Chipwende, the majority of the IDC profits will be injected into the country’s sovereign wealth fund with the remainder being reinvested into other projects.