FINANCE Minister Alexander Chikwanda has assured investors that Zambia will continue offering exciting prospects for business growth as the result of the sound macro-economic policies which safeguard and ensures economic stability.
Mr Chikwanda said the Government will continue to provide an enabling environment for growth of the private sector which would ultimately translate into social and economic development.
He said this in Lusaka at the weekend in a speech read for him by director investment and debt management, Fortune Kamusaki, during the launch of Barclays Life Insurance.
Barclays Bank Zambia launched Barclays Life Insurance with an investment outlay of K10 billion.
Mr Chikwanda said the launch of Barclays Life Insurance was indicative of the positive economic environment in Zambia and would make meaningful contribution to the economy.
"You will agree with me that Zambia not only offers exciting prospects for business growth but has sound macro-economic policies which safeguard and ensures economic stability," he said.
The minister said the K10 billion which was more than K1 billion minimum statutory capital requirements for insurance firms would set a precedence of how insurance companies in Zambia ought to be capitalised.
The investment demonstrated how ABASA and its parent company Barclays were combining their financial strength, knowledge, experience and technical capability to provide customers value for money.
Mr Chikwanda commended Barclays for the investment saying innovative financial solutions played an important role to improve the livelihoods of the people and lift them out of poverty and under development.
"Let me congratulate Barclays for coming up with this investment. As Government, we will continue to provide an enabling environment for growth of the private sector which will ultimately translate into social and economic development," he said.
ABSA chief executive officer, Maria Ramos said Africa remained a key strategic opportunity for Barclays adding that the continent was in the process of writing a new economic story.
Mrs Ramos said this could be seen in robust growth in a number of countries, including Zambia, which was being underpinned by significant investment in infrastructure.
She said Barclay's strategic vision was to maximise its global expertise to local businesses and the launch was a prime example of this strategy in action.
"Today's launch is testament to the incredible work done by the Barclays team. Our confidence is also based on the fact that we are launching products that are relevant and affordably priced for the Zambian market," Mrs Ramos said.
Barclays Bank managing director Saviour Chibiya said the launch of Barclays Life Insurance was another milestone for the bank which would transform the insurance industry.
Barclays Life Zambia managing director Victor Munalula said the organisation intended to be a significant player in Zambian life insurance industry.
Mr Munalula said the organisation would fully participate in key industry initiatives including the development of micro-insurance and play an active role in improving penetration of insurance and its contribution towards the Growth Domestic Product.