President Edgar Lungu observes that the National Pension Scheme Authority (NAPSA) has continued to play a key role in the country’s social-economic development by investing workers’ contributions into critical sectors of the economy.
Officiating at a ground breaking ceremony for the construction of the US$100 million four-star Mosi-oa-Tunya Livingstone resort for NAPSA, President Lungu said the Authority has shown commitment to contribute to the development of the Tourism industry in the country.
The Head of State added that he is confident that the project will help resuscitate the economy in Livingstone through job creation, further commending the Board and NAPSA Management under supervision of the Ministry of Labour for prioritizing government’s developmental agenda.
“This investment could not have come at a better time than now when the country is experiencing economic hardships as a result of Covid-19. This project will help resuscitate the economy in Livingstone through job creation.”
“This investment by NAPSA is in line with the country’s developmental agenda as espoused in the 7th National Development Plan where we shall position Tourism as one of our key sectors of the economy. Government will continue to provide an enabling environment without living anyone behind,” President Lungu said.
He urged the developer to ensure transparency and merit when recruiting workers and that priority should be given to Livingstone residents.
And speaking earlier, NAPSA Director General Mr. Yollard Kachinda says the resort which will comprise 80 standard hotel rooms and 500 seater capacity conference hall among other facilities, is expected to be completed within 24 months and shall provide 400 direct jobs during construction phase and 400 to 500 direct and indirect jobs after completion.
“Napsa’s decision to undertake this project is in line with the authority’s investment guidelines that allow us to invest in commercial real estate among other classes. This investment is aimed at growing the fund for the benefit of our members and the national at large.”
“Napsa has signed an agreement with Mukuba Property Development Company for the design and building of the Mosi-Oa-Tunya Livingstone resort at a total cost of 97.3 million dollars or K1.7 billion at today’s exchange rate,” Mr. Kachinda said.
He added that the asset will be owned by Zambian workers and pensioners who are contributors and beneficiaries of the scheme as the Authority now has closely one million contributing members and close to 20, 000 pensioners.
Meanwhile, Southern Province Minister Edify Hamukale said the project is as a result of the Southern Province Investment and Tourism Exposition held last year.
He added that the investment will stimulate other investors to build similar facilities around the country.
Dr. Hamukale thanked Napsa for choosing Southern Province to build the facility as it will increase fiscal income through the 1000 jobs that are going to be created.
“Your Excellency, we as Southern Province having held an Investment and Tourism Expo last year, are happy to bring to your knowledge that this is a product of the Expo. Thank you Sir for supporting our Investment and Tourism Expo,” Dr. Hamukale stated.
Furthermore, Minister of Labour and Social Security Joyce Simukoko thanked the employers and workers in the country for funding the project and other projects that have been built in the nation.
Ms. Nonde also commended the Board and Management of Napsa for exercising their judiciary responsibility in ensuring that the fund continues to grow adding that her Ministry is very clear on the role the Authority must play in the economy.
“The institution should not only live up to its mandate of paying pension benefits to its members, but also play a key role in growing the local economy and creating of jobs as it carries out its investments. As Minster who superintends over the Affairs of the National Pension Scheme Authority, I am glad that the institution is playing a pivotal role in developing Zambia’s economy as signified by this investment and many others,” she said.
The Labour Minster advised the Authority and main contractor to ensure that there should be no breach of any labour laws and also see to it that all workers are provided with protective clothing while following set health guidelines in light of the Covid- 19 pandemic.
The US$100 million four-star Mosi-oa-Tunya Livingstone resort is expected to create over 1,000 jobs during the construction period.