The Latvian private sector is exploring business opportunities with Zambia Chamber of Commerce and Industry (ZACCI) to enhance economic cooperation between the two countries. ZACCI and Latvian Chamber of Commerce and Industry (LCCI) have signed a memorandum of understanding (MoU).
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EU gives Zambia, others 7 milion Euros
Zambia is among sub-Saharan African countries o benefit from the 7 million euros regulatory framework oversight project that will guide cross-border trading in the energy market.
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Poultry industry experiences nosedive
THE poultry industry has recorded a 30 percent drop in the output of the broiler sub-sector during the first half of this year following the closure of hotels and lodges. Poultry Association of Zambia (PAZ) executive manager Dominic Chanda said in an interview on Monday that some producers scaled down on production due to uncertainties surrounding the policy direction aimed at curbing the outbreak of coronavirus. “Policy direction uncertainties and the closure of certain sectors specifically the tourism sector which resulted in the closure of hotels, lodges and restriction on the number of gatherings of entertainment in nature resulted in a number of small-scale, medium, commercial and large-scale poultry farmers to scale down their broiler bird placement,” Mr Chanda said. He said despite the drop in broiler output, the sector recorded positive developments for those that continued in production with the price adjustments for both eggs and chickens in the domestic market especially the open markets in Lusaka. Read more
INTERNATIONAL BUSINESS NEWS
Nigeria Approves Loan For Siemens to Revamp Power Infrastructure
Nigerian President Muhammadu Buhari approved counterpart funding for a deal that will see Siemens AG upgrade the nation’s dilapidated power infrastructure. Nigeria, Africa’s most populous nation, last year contracted the German engineering company to rehabilitate and expand its electricity grid. Only about two-thirds of Nigerians have access to power and even those are plagued by constant blackouts. Buhari, 76, granted “anticipatory approval” for 18.94 million Euros, or 15% of the cost, as counterpart funding for the project, Finance Minister Zainab Ahmed said. The balance of 85% will be provided by Euler Hemens Group SAS, and backed by the German government, on concessionary terms with a three-year moratorium, a 12-year repayment period at “an interest rate of Libor-plus 1% to Libor-plus 1.2%.”