By KETRA KALUNGA
ABOUT $200 000 (K4.5 million) has been injected into the Zambia-China Mulungushi Textiles joint ventures by the Chinese government as an equity partner and major shareholder.
An addition of K10 million has been pumped into the textile factory by the Zambian Government which holds about 34 percent shares in the firm. The injection of funds is aimed at revamping operations.
Permanent secretary in the Ministry of Defense, Felix Phiri, said the capital injected would bring more value to the company in the short term and to the country in the long term. He was speaking in Kabwe yesterday during the handover of the two cheques.
Dr Phiri said the money would bring about meaningful strides in revving production and enhancing the livelihood of the people in the district. The Permanent Secretary said the money released signified the start of purchasing of cotton from farmers in the out-grower scheme in Central province.
“The first day of July 2021 signifies a joyful day as it brings a message of hope as we handover $200 from the people’s republic of China and K10 million from the republic of Zambia to support the operations of the ginnery, we are doing so in honoring the memory of our founding father Dr. Kenneth Kaunda,” he said Dr Phiri said despite the factory ceasing operation in January 2007, the two governments had continued to support the revamping of operations amidst challenges.
He said last year, the garments factory was re-opened and saw the production of face masks to help curb transmission of the covid-19 virus in the country.