Indian investment in KCM is expected to reach US$3 billion
Posté: Mar 5 Jan 2010 21:36
Indian Veep Arrives Today
5 January 2010
INDIA vice-president Mohammad Hamid Ansari is expected to arrive in Zambia today for a three-day state visit as part of his three-nation tour of the region.
And the Indian investment in the Konkola Copper Mine (KCM) is expected to reach US$3 billion, the Indian High Commission to Zambia has disclosed.
During his visit, Mr Ansari will witness the signing of a $50 million loan between EXIM Bank of India and Zambian ministry of Finance and National Planning for Itezhi Tezhi Hydro power project.
According to a statement released by the Indian High Commissioner to Zambia in Lusaka yesterday, Mr Ansari's visit was the first high-level visit to Zambia from that country in the last 20 years.
India has offered a line of credit of $50 million for Itezhi Tezhi power project, which is being constructed by Itezhi Tezhi Power Corporation, a joint venture between Zesco and TATA Africa Holdings at an estimated cost of $200 million.
"The visit by the vice-president is in the context of India's commitment to maintain close and friendly relations with countries in Africa.
"During his visit, Mr Ansari will call on President Rupiah Banda.
He will later hold discussions with Zambian Vice-President George Kunda on bilateral, international and issues of mutual interest," reads the statement.
Mr Ansari who will also pay a courtesy call on first Republic president Kenneth Kaunda, would together with his delegation visit Victoria Falls in Livingstone.
The Indian High Commission said around 23,000 Zambians have been trained in India under the Indian Technical and Economic Cooperation in various disciplines.
Bilateral trade between the two countries stood at $207 million in 2007-8 while, Vedanta Resources invested $48 million in Konkola Copper Mines (KCM) in 2004.
Relevant Links
* Southern Africa
* Zambia
* Asia, Australia, and Africa
"Their combined investment in Konkola Deep Copper Mining Project, the Sulphuric acid plant and new smelter reached $1.5 billion in 2009.
In the next three years, the investments were expected to total $3 billion.
RJ Corporation of India signed a $30-million agreement with the Zambia Development Agency in 2008 to set up a Pepsi bottling plant in the country.
Mr Ansari's visit to Zambia, therefore, is expected to reinforce and revitalise the warm relations that exist between the two countries.
Apart from Zambia, the Indian vice-president will also visit Malawi and Botswana.
5 January 2010
INDIA vice-president Mohammad Hamid Ansari is expected to arrive in Zambia today for a three-day state visit as part of his three-nation tour of the region.
And the Indian investment in the Konkola Copper Mine (KCM) is expected to reach US$3 billion, the Indian High Commission to Zambia has disclosed.
During his visit, Mr Ansari will witness the signing of a $50 million loan between EXIM Bank of India and Zambian ministry of Finance and National Planning for Itezhi Tezhi Hydro power project.
According to a statement released by the Indian High Commissioner to Zambia in Lusaka yesterday, Mr Ansari's visit was the first high-level visit to Zambia from that country in the last 20 years.
India has offered a line of credit of $50 million for Itezhi Tezhi power project, which is being constructed by Itezhi Tezhi Power Corporation, a joint venture between Zesco and TATA Africa Holdings at an estimated cost of $200 million.
"The visit by the vice-president is in the context of India's commitment to maintain close and friendly relations with countries in Africa.
"During his visit, Mr Ansari will call on President Rupiah Banda.
He will later hold discussions with Zambian Vice-President George Kunda on bilateral, international and issues of mutual interest," reads the statement.
Mr Ansari who will also pay a courtesy call on first Republic president Kenneth Kaunda, would together with his delegation visit Victoria Falls in Livingstone.
The Indian High Commission said around 23,000 Zambians have been trained in India under the Indian Technical and Economic Cooperation in various disciplines.
Bilateral trade between the two countries stood at $207 million in 2007-8 while, Vedanta Resources invested $48 million in Konkola Copper Mines (KCM) in 2004.
Relevant Links
* Southern Africa
* Zambia
* Asia, Australia, and Africa
"Their combined investment in Konkola Deep Copper Mining Project, the Sulphuric acid plant and new smelter reached $1.5 billion in 2009.
In the next three years, the investments were expected to total $3 billion.
RJ Corporation of India signed a $30-million agreement with the Zambia Development Agency in 2008 to set up a Pepsi bottling plant in the country.
Mr Ansari's visit to Zambia, therefore, is expected to reinforce and revitalise the warm relations that exist between the two countries.
Apart from Zambia, the Indian vice-president will also visit Malawi and Botswana.