Cabinet approves $14 million loan for West water project

Cabinet has approved the contraction of a low interest concessional loan of US$14 million from the OPEC Fund for International Development to improve water and sanitation in 100 villages in all the 16 districts of western province.

The President’s Special Assistant for Press and Public Relations Amos Chanda in a statement says the project will comprise the construction and rehabilitation of water and sanitation infrastructure to enhance hygiene and clean water supply thereby improving the living conditions of the people of Western province.

Mr Chanda says Cabinet noted during its 8th meeting that rural water supply and sanitation is critically essential in the improvement of people’s health.

He says President Lungu directed Ministers that more investment in water and sanitation must be directed at rural areas in order to bring about equitable access to these essential basic services.

And Cabinet has approved a Bill to repeal the Companies Act in order to strengthen corporate governance, align corporate law with relevant laws and national development aspirations including the promotion of foreign direct investment.

Mr Chanda explains that the new Companies Act is designed to enhance government policy on economic empowerment of citizens and the development of micro, small and medium enterprises.

He says the rationale for the amendment is to simplify the registration procedures and reducing the cost of forming a company.

He adds that the new law will be aligned with other pieces of legislation that came into effect after the enactment of the Citizens’ Empowerment Act and the Zambia Development Agency Act, which are aimed at promoting greater citizens participation and promotion of foreign direct investment.

Cabinet has also approved the introduction of the Insolvency Bill 2015 to provide for personal bankruptcy, insolvency and receivership thereby strengthening the obligations and duties of Insolvency Practitioners.

Also approved is the appointment of members of the Judicial Service Commission in line with Article 123 (1) of the Constitution and the Service Commissions Act.

The appointment of the Commission will ensure the effective administration and performance of the functions of the Commission. The Minister of Justice will present names of the nominees to Parliament for ratification