Home   >   NEWS & VIEWS   >   News

  • Govt funds Cashew nut cooperative

    Dec 7th, 2015

    Government has injected 15.5 million Kwacha in boosting Cashew nut processing in Mongu District through a soft loan to Nsundu Cooperative Society.Finance Minister Alexander  Chikwanda  says the loan will attract an interest rate of 1 percent and will be paid back over a period of 15 years.Signing the agreement in Mongu , Mr. Chikwanda  noted that the move is part of government’s development agenda of empowering citizens.He says government is optimistic that the project will be a success and will increase foreign exchange earnings because cashew nuts are going for almost twice the price of copper per tonne on the international market.And Provincial Minister Poniso Njeulu has expressed optimism that the project will create employment for local people in Mongu.Mr. Chikwanda  also paid a call on the Litunga at his palace where he explained government’s investment in cashew processing.