FISH FIRM TO GET US$5 MILLION BAILOUT

Wed, 24 Jan 2018 17:33:47 +0000

By BUUMBA CHIMBULU in Mpulungu

GOVERNMENT through the Industrial Development Corporation (IDC) is expected to release US$5 million to recapitalise Pendulum Transport and Fisheries Limited in Mpulungu by the first quarter of this year.

Meanwhile, a US$3 million pilot fish project will be established in Cheembe, Luapula Province which will be used as a vehicle for exportation of specific type of fish to neighbouring countries.

Minister of Finance, Felix Mutati said IDC was working on a final document required to release the funds and that all things being equal, needed formalities were expected to be concluded by the first quarter of 2018.

Mr. Mutati said Government and the IDC had prioritised fishing due to its potential to attract exports as well as creating job opportunities.

He was speaking when he and Minister of National Development Planning, Alexander Chiteme, toured the Pendulum.

“Pendulum is an exciting project. From an IDC perspective, we have prioritised recapitalisation of Pendulum. We think particularly in the fishing component, we are going to put in about US$5 million to do the transformation that is required.

“We will look at other things like transportation a little later but the main focus is fishing because of the potential that it has to create employment and other opportunities. IDC is working on the final document and my own estimation is that all things being equal, it should be done sitting the first quarter of this year. It is a key priority,” he said.

Pendulum Transport and Fisheries Limited general manager, Reginald Mfula, said the estate needed new infrastructure for it to revamp its operations