Zambian gov't urges private sector to provide alternative financing

Source: Xinhua| 2018-11-13 21:04:54|Editor: Shi Yinglun
Video PlayerClose

LUSAKA, Nov. 13 (Xinhua) -- The Zambian government on Tuesday called on the private sector to provide sustainable alternative financing for the implementation of the country's national development plan.

Chola Chabala, Permanent Secretary in the Ministry of National Development Planning, said the private sector needed to partner with the government to provide sustainable, alternative and innovative financing for the implementation of the Seventh National Development Plan (7NDP).

In remarks delivered when he held a meeting with the private sector where he received submissions on alternative financing models, the official said the government need concrete ideas on alternative financing for the successful implementation of the development plan, according to an emailed statement from the ministry.

"In the integrated and multisectoral spirit espoused for the implementation of the 7NDP, the Ministry of National Development Planning decided to invite all private sector associations as well as individuals to help formulate alternative financing models or solutions for the implantation of the plan," he said.

According to him, the decision to seek for alternative financing models from the private sector was due to donor fatigue, adding that there was need to mindful that even development partners were going through economic challenges.

"It's about time we started thinking of financing our own development. We can't perpetually be depending on our cooperating partners," he added.

He further said the consolidated submissions from the private sector will be submitted to a National Development Coordinating Committee meeting to be held later this month.

The successful implementation of the 7NDP will depend, to a large extent, on the availability of financing for the plan, he added.