3 May 2008
Ndola — KONKOLA Copper Mines (KCM) has signed a Memorandum of Understanding (MoU) with the Government to provide financial support towards the cost of setting up Mulungushi University at a cost of K 61.25 billion.
The total amount for the whole project is US$35 million, which translates into K122.5 billion and KCM would put in K61.25, while the balance would come from the Government.
Speaking at the signing ceremony in Lusaka yesterday, Education Minister Geoffrey Lungwangwa said that under the MoU, KCM would provide financial assistance towards infrastructure development.
Prof Lungwangwa said that US$35 million would be spent on infrastructure development of the university.
Initially, he said, the two parties would invest US$5 million each in tranches of US$1 million.
The minister said that the further flow of funds would be contributed when matching contributions of US$5 million had been made by the Government.
He said that it was important that the private sector partnered with Government in priority sectors like education adding that more firms should emulate KCM.
"The Triangle of Hope under the initiative of President Mwanawasa has embarked on a number of such collaborations that we are witnessing today. This MoU is one of the first to be effected between the Government and the private sector and I am pleased to see this vision being implemented," Prof Lungwangwa said.
The Government could not manage to provide education for all the citizens and it was therefore important that the private sector supported the efforts.
He explained that the Government's desire of setting up a university was necessitated by the fact that the two public universities could not accommodate all the deserving students.
The Government's plan was to run the university on self-sustaining basis, which would be complemented by appropriate fee structure.
He commended KCM for coming on board saying that the university would contribute to human capital needs of the economy.
He called on management at the university to become innovative and introduce programmes that would be relevant to the provision of employment.
Prof Lungwangwa implored the management at the university to ensure that the funds were used for the intended purpose adding that he would ensure that contractors working on the infrastructure did a commendable job.
Speaking earlier, KCM Resident Director Deb Bandyopadhyay said that it was a social responsibility for the mining firm to give something back to the community in which they operated.
He said that KCM was making huge investments in localities were they operated and would invest more than US$1 billion in the new project.
With the new project in motion, he anticipated the mining firm producing 150,000 tonnes of copper but that in the next two to three years, the company excepted to increase to 500,000 tonnes.
He said that KCM was actively involved in sending its personnel for training aboard because the firm strongly believes in investing in human resources.
And Ministry of Education Permanent Secretary Lillian Kapulu said that KCM was interested in signing the MoU because of the good economic policies Government had introduced.
She said the Government has developed a number of incentives in order to attract various kinds of investment in the country through the Zambia Development Agency (ZDA).
Ms Kapulu said that the Government has also started revising the current university Act no 11 of 1999. The essence of revising the Act was to ensure that it was brought in line with the current focus of Government, where the private sector has to play a role in complementing education efforts.
She said that the ministry has held meetings with the various stakeholders to disseminate the policy that it is advocating for partnership with the private sector.
Mulungushi University Vice Chancellor Vernon Chinene and his management team attended the signing ceremony.
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