Nairobi — Zambia's Industrial Development Corporation (IDC_ has signed a deal with Kenyan tycoon Julius Mwale to support the development of smart cities, mining, infrastructure, and agriculture.
IDC finalised a wide-ranging deal with the US-based Kenyan investor and founder of Mwale Medical and Technology City (MMTC) Julius Mwale in Lusaka, Zambia.
The signing came even as a Jeff Bezos-backed firm discovered large copper deposits committing resources for mineral exploration and processing.
IDC chaired by President Hakainde Hichilema of Zambia signed the deal after seven months of negotiations between the consortium led by the tycoon and the government of Zambia.
Mwale led a delegation to the State House in Zambia in October 2023 at President Hichilema's invitation after Zambia's government delegation visited Mwale Medical and Technology City (MMTC) in Butere, Kenya in September 2023 for benchmarking.
The newly signed deal will help IDC fulfill its mandate of developing Zambia's domestic industrial capacity and creating jobs.
It comes after a US firm KoBold Metals discovered large copper deposits at its Mingomba copper project in Zambia near the border with DRC.
KoBold Metals, backed by billionaires including Bill Gates and Jeff Bezos, discovered one of the world's biggest high-grade large copper mines early this year. It said it had raised $150 million for the exploration process in Zambia.
The discovery of the vast copper deposits could help the global race to secure a supply of minerals critical to the energy transition. Copper, a key component for batteries used in renewable energy and electric vehicles, has high demand globally.
Zambia and DRC have plenty of minerals critical for manufacturing batteries for domestic power use and for Electric vehicles.
Mwale's foray into Zambia positions him as a key player in the industry as MMTC expands into developing 18 smart cities in 12 countries in Africa by 2050. The cities will be powered by batteries like MMTC in Kenya.
"We will start immediately in July and work to fulfill the agreement," said Norbert Mugeni, a chemical engineer and assistant project manager in the energy division of MMTC.
He noted the mining is in Nickel, Cobalt and Copper adding: " We want to use cobalt and nickel for building battery manufacturing plants for EVs in the Kasempa region of Zambia".
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Jack Chadukwa, the CEO of Afritechnics in Zambia , another consortium member said that the idea is to create industries in Zambia that create value addition and thousands of jobs.
"We are glad to be part of Mwale's consortium so that we can replicate what we saw at MMTC in Kenya here in Zambia," he said.
He said that they will build smart cities, roads, and deploy mineral resources for new factories that will employ thousands of Zambians. The consortium will also invest in healthcare and agriculture. He said the consortium has so far secured US $ 2.4 billion for the Zambia projects.
Zambia is Africa's second-largest producer of copper after DRC. It also has large deposits of nickel near the border with DRC attracting global investors.
The electrical battery market is estimated to be worth about US $43 trillion between last year and 2050 according to industry estimates.
MMTC has committed to building 18 smart cities in Africa by 2050 banking on batteries to power the smart cities.
MMTC, a US $ 2 billion sustainable city founded by Mwale, is built around Hamptons Hospital in Kakamega which treats thousands of Kenyans and medical tourists. Locals with NHIF are treated without copayments.
The city has 5 districts and has seen visits from many African leaders and businessmen for benchmarking purposes.
Mwale received a social infrastructure award from Africa Prosperity Network in Ghana in January, awarded by President Nana Akuffo-Addo for his work on MMTC.
