THE Industrial Development Corporation (IDC) has signed memorandum of understanding with Marubeni, a Japanese textile company, to rehabilitate Mulungushi Textiles Limited in Kabwe and will also set ground for Zambia to buy equipment from Japan to revamp the plant, said IDC executive director of operations Paul Siame here on Sunday shortly after the signing ceremony.
The signing ceremony was witnessed by President of Kenya Uhuru Kenyatta and Prime Minister of Japan Shinzo with several other African government officials and private sector companies.
With the MoU in place and under the umbrella of Tokyo International Conference on African Development, the IDC expects to access financing to support the running of the Mulungushi Textiles project.
The deal follows the re-commissioning of Mulungushi Textiles by President Lungu in October 2015.
One key component that will come out of the partnership with Marubeni is setting up of cotton out-grower scheme as announced by President Lungu during the re-opening. The out-grower scheme is expected to support at least 10,000 farmers within Central Province.
IDC in the next two months expected to conclude the detailed project concept that includes costing, which is expected to accelerate the engagement with Marubeni would enable IDC access finances through Japanese Bank for International Cooperation.
Mr Siame said that the revamping of the textiles company is a huge step especially that Governmentâ€™s agenda is industrialization and job creation.
It is expected that the out-grower scheme will support about 10,000 farmers within the whole cotton value chain.
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