Algeria, January 24, 2018

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Mercury Asset Partners raise $600 million to finance infrastructure projects in Zambia

Mercury Asset Partners, a multinational financing and logistics company says it has mobilized $600 million for the implementation of various infrastructure and investment projects in Zambia.

These include, among others setting up of a solar geyser manufacturing plant, upgrading of slums, urban renewal, establishing an Investment bank focused on providing Construction Finance.

In August 2017, the Government of the Republic of Zambia signed a Memorandum of Understanding (MoU) with Mercury Asset Partners to construct 5000 houses in various locations in the country. The construction of the houses will come with provision of associated services and auxiliary infrastructure such as paved roads, sewer reticulation, water reticulation, electricity supply, schools, clinics, shopping malls, among others.

This came to light during a meeting between delegation from the Ministry of Housing and Infrastructure Development led by the Minister, Mr. Ronald Chitotela and Mercury Asset Partners group in Washington D.C.

At the same meeting former U.S. Republican Senator Norm Coleman pledged to help the Zambian Government to build strong geopolitical and economic ties with the United States Government. Senator Coleman says the U.S.A and Zambia have a common ground of infrastructure development that the two countries have embarked on. Senator Coleman during his six years in the U.S. Senate served on the Foreign Relations Committee and was Chair of the Western Hemisphere among other portfolios.

Mr. Chitotela says Zambia is on an infrastructure development agenda in order to grow the economy of the country. The Minister said Government wants to grow economic activities by opening Zambia to more foreign direct investment through infrastructure development.

And speaking before departure at Dulles International Airport on Friday, Mr Chitotela described the meetings in Washington as successful. He said Government looks forward to the successful implementation of the projects and urged the National Housing Authority to speed up the process of concluding negotiations so that a contract from MoU with Mercury Asset and Partners is signed.

Meanwhile, Mercury Asset Partners Co-Director and founder Julie Bwalya says they are determined to see the implementation of the projects in Zambia and that further meetings with the National Housing Authority would held in Lusaka to conclude negotiations.

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