• The Textile plant is expected to process in excess of 3 million metric tonnes of locally sourced cotton per annum.
• IDC expects to create at least 200 direct jobs and 2, 000 indirect jobs.
• The Project is expected to cost approximately USD40 million.

Industrial Development Corporation (IDC) Group says it intends to invest approximately US$40 million in the country’s textile industry through Kabwe Textiles Limited, in Central Province.
Responding to Money FM’s Press Query, Group Chief Executive Officer Mateyo Kaluba said the Textile plant, which is expected to process in excess of 3 million metric tonnes of locally sourced cotton annually, will reach about 1, 000 cotton farmers who will benefit from off take agreements with the firm.
Mr. Kaluba revealed that the project is also anticipated to create 200 direct jobs and 2, 000 indirect jobs.
“The Industrial Development Corporation already has plans to participate in the textile sector, through the creation of a special purpose vehicle we are calling Kabwe Textiles Limited and the company will be based in Kabwe.”
“The textile factory is expected to adopt an integrated business model that will cover the entire cotton value chain including ginning, spinning, weaving, dying and garment manufacturing from raw and synthetic materials,” Mr. Kaluba said.
He said IDC Group has a long term interest in the textile industry because it has a wide value chain and is instrumental in creating wealth and jobs in the Agriculture sector.
And Mr. Kaluba stated that the Group has already acquired land for the factory in Kabwe, and has conducted the necessary feasibility studies as well as completed its bench marking exercises.
“We have already acquired land for the factory in Kabwe, we have conducted the necessary feasibility studies and we have completed our bench marking exercises. Previously, we had made significant progress in finalizing agreements with the strategic equity and technical partner but unfortunately with the onset of the Covid-19 pandemic, our partner went into some challenges that made them rethink their investment with us.”
“We have now started the process of re-evaluating options for another strategic and equity partner as we are optimistic that the Covid pandemic will come under control and we are open to new strategic equity and technical partners,” he added.
Mr. Kaluba was responding to calls by BuyZed Campaign Founder Evans Ngoma for IDC Group to reinvest some of the dividends received from companies where the Corporation has shares into the textile industry to help create jobs and enhance the country’s revenue collection.