Zambia Sugar to increase production to 92, 000 tonnes

Zambia Sugar PLC’s annual production is projected to increase from its current 45,000 metric tonnes to 92, 000 metric tonnes following an investment boots of US$60 million in its operations.

This has been made possible by the signing of a Product Alignment and Refinery project financing agreement the company has entered into with Barclays Bank and Stanbic Bank by way of a club style lending deal that includes Citi Bank and ZANACO.

Speaking during the official signing of the agreement today, Zambia Sugar Managing Director Rebecca Katowa said the signing of the agreement means her company will aim at producing quality products.

And in a speech read on her behalf by Commerce, Trade and Industry Permanent Secretary Siazonga Siakalenge, Commerce Minister Margaret Mwanakatwe pledged government’s support to ensuring that the project comes to fruition.

And Bank of Zambia (BoZ) Deputy Governor Bwalya Ng’andu has expressed happiness that Barclays and Stanbic have taken the lead in working together in a business deal in which the risks are being shared.