ZEP-RE, a PTA Reinsurance Company has invested about US$36 million into the Zambian economy and is scheduled to open its first multi-storey, green building in Zambia which is designed to reduce on the demand for usage of electric power contributing towards a sustainable green economy.
ZEP-RE is set to commission its largest property investment within its portfolio in the Common Market for Eastern and Southern Africa – COMESA region this week in the wake of the adverse effects of climate change being experienced in the country.
Speaking during the media breakfast and tour of the business park, the ZEP-RE Board Chairman William Erio said the project ploughed more than $15 million, representing about fifty percent of the market value of its investments into the Zambian economy.
Erio stated that this was done through sub-contracting to four local Zambian contractors out of the five contractors, and that most of the high value building materials were purchased from local suppliers.
He further thanked the Zambian Government for the support and facilitation leading to the successful completion of the new ZEP-RE Business Park, adding that the Zambian government has continued to provide a stable and enabling business environment for growth that attracts such investment.
At the same event, Managing Director & Chief Executive Officer Hope Murera added that in line with the institution’s mandate to support the development of insurance markets in COMESA member countries, all the insurances for this project were awarded to Zambian insurance companies, throughout the period of construction which commenced on the 17th September 2017.
In a statement made available to the Zambian Business Times – ZBT by ZEP-RE Assistant Director Shipango Muteto, Murera said the upcoming launch of the new multi-million-dollar Business Park in Lusaka’s long acres reaffirms the founding mandate of ZEP-RE, to spur economic development in the region.
She added that the investment is aimed at maximising value for the institution’s shareholders that include the Zambian Government. The National Construction Council Executive Director Matthew Ngulube, applauded ZEP-RE for not compromising and maintaining high standards in the construction of the Business Park.
ZEP-RE, a Pan-African reinsurer headquartered in Nairobi and with country offices in Uganda, Zimbabwe, Zambia, Ethiopia, Sudan, Ivory Coast and the Democratic Republic of Congo supports all the insurance companies in the Zambian Insurance industry as it forges ahead with plans to position the insurance industry as one of the main drivers of economic growth.
