By CHATULA KANGALI –
FINANCE Minister Felix Mutati has said there is need for the country to enhance the domestic resources mobilisation in order to develop.
Mr Mutati said this during a meeting with the Commonwealth Development Corporation (CDC), the United Kingdom (UK ) development finance arm that has expressed interest to invest in the Kalungwishi Hydro generation project.
The project is expected to cost $690 million with an installed capacity of 247 Megawatts.
This is contained in a statement released by Zambia High commission to the UK first secretary for press Abigail Chaponda.
Mr Mutati said that aid dependence was not sustainable for Zambia and Africa in general.
“The key issue about the economic recovery in Zambia is that unless you get quality investments that contribute to the treasury through taxes, it is difficult to boost domestic revenues. We can get money from our cooperating partners but the dependence on such support is necessary but not sustainable. You need to depend on yourself,” he said.
Mr Mutati said that the future of Zambia and Africa growth was domestic resource mobilisation.
He said that CDC investment in Zambia had created jobs and contributed to economic development in the country.
He noted that CDC has been present for over 50 years in Zambia.
Mr Mutati said that CDC was considering investing in hydro generation and that the Group will reach out to its partners for possible co-financing some of the projects.
He also said that CDC had agreed to come and hold an investment forum in Zambia in April, 2017 that will look at how it could make funds available, through the Commercial Banks, to support long term lending  small and medium sized companies.
CDC Chief Executive Officer Diana Noble said the institution was happy to work with Zambia and would continue partnering.