Zambia’s economy needs huge investments in infrastructure – FNB

FNB Zambia says there is a big opportunity for growth in the local economy that requires huge investments in infrastructure.

Announcing the bank’s participation at the second ZamReal Property Forum being held in Lusaka today, FNB Zambia senior manager for commercial banking Kambeu Banda said the current housing deficit was an opportunity that investors could consider bridging by constructing houses for Zambians.

“There is a big opportunity for growth in the Zambian economy that will need a lot of investment in infrastructure. The opportunity presented by the current deficit in residential housing of 1.5 million units across the country is one that investors coming into the country would like to consider,”

said Banda in statement issued by FNB Zambia brand and communications specialist Luke Ndhlovu.

ZamReal is a one-day forum centered on the Zambian real estate market that brings together both local and regional delegates, including developers, investors, public sector leaders, financiers, as well as property professionals looking to expand their Zambia real estate business.

And FNB Zambia head of Commercial and Business Banking Yokonia Ngoma said the two to three-year investment outlook for Zambia’s commercial property sector was “very positive” given the resurgence in copper prices and the structural changes in the economy that had led to stability in economic fundamentals and the returning market confidence after the 2016 presidential elections.

“With a scenario that is characterised by a shortage of modern retail commercial properties in many prime areas, it is easy to see why Zambia, with a projected average GDP growth rate of 5.0% between 2016 and 2020, still remains a leading destination for commercial property investment is sub-Saharan Africa,”

said Ngoma.

“The country’s liberalised economy and well-developed legal framework sets Zambia apart from its neighbours. The holding of this forum in Zambia therefore goes to underscore the attractiveness of the country as an investment destination of choice in sub-Saharan Africa. The forum will be an excellent opportunity for investors to appreciate the opportunities available in the various regions of the country, for instance, in the broader Copperbelt region, with particular focus on Ndola and Kitwe.”

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