The Citizens Economic Empowerment Commission (CEEC) has partnered with the Mumbwa Cotton Ginnery following the approval of a K16 million loan for the project.
CEEC head of public relations and communication Glenda Masebe said in an interview that the commission has acquired 32 percent shares in the ginnery.
“We have acquired shares in the cotton ginnery as our act allows us to have equity so that we safeguard the investment, taking cognizance of the amount that we have put in the project,” Ms Masebe said.
Ms Masebe said the ginnery is adding value to the country’s economy in terms of job creation, and has so far created over 17,000 jobs per year.
She said the ginnery had also helped in the reviving of Mukuba Textiles on the Copperbelt by supplying them with lint which is used in the production of various textile materials.
“We need to take note of the fact that the cotton ginnery has created jobs for the Zambian people and also that they have helped revamp the Mukuba Textiles which was almost going under by supplying them with lint,” she said.
Ms Masebe added that the cotton ginnery had also helped put the enthusiasm back into the cotton farmers in Mumbwa by buying off the cotton. She said this has motivated them because they know they have a readily available market.
“The revamping of the cotton ginnery has helped motivate the cotton farmers in the district because at one time, the cotton growers did not know what to do with the cotton but now they are happy because they know where to take the cotton once it is harvested,” Ms Masebe said.
She also said the ginnery had made significant business trends on the local market as one of the major buyers was the hotel industry.
Ms Masebe explained that the ginnery was involved in the entire cotton development value chain, from growing the cotton seed to the finished product and all this was being done at the plant in Mumbwa.
Other shareholders are the Cotton Association of Zambia (CAZ) with 28 percent shares, Zambia National Farmers Union (ZNFU) 25 percent and Mumbwa Farmers District Association who have 15 percent shares.