LUSAKA Jan 9 Zambia, Africa's leading copper
producer, plans to establish a sovereign wealth fund to
stimulate investment in strategic non-mining industries, a
treasury official said on Thursday.
"We are currently working on the concept which will be
presented to cabinet," the ministry of finance's permanent
secretary in charge of budget and economic affairs, Felix
He did not give the size of the fund or say when it would
President Michael Sata said on Wednesday that the government
planned to introduce an Industrial Development Corporation (IDC)
under which the fund would be established.
The IDC would boost the contribution of state-owned
companies to national development by placing them under one
umbrella holding entity, Sata said.
He said the IDC was a government strategy to enhance
domestic capital formation, wealth creation and preservation by
focusing on exploiting the country's advantages in natural
resources and actively developing industries and enterprises.
(Reporting by Chris Mfula; Editing by David Dolan)