’ s incomes highly volatile. apart from private investment being a stimulus for job creation, development of local suppliers, skills transfer ; it can be a critical source of long - term capital for driving economic diversification. i urge you to reflect on all these issues so that the final document that is produced from this effort will be comprehensive and point to viable strategies that will promote economic diversification through directed private investment. the end result of this workshop will be posted on the website of the bank of zambia and zambia development agency. the zambia development agency will incorporate the recommendations submitted from this exercise into its policy recommendations on how to improve the investment climate in the country. with these few remarks, i wish you good deliberations. i thank you … bis central bankers ’ speeches

caleb m fundanga : strengthening and promoting the zambian private sector speech by dr caleb m fundanga, governor of the bank of zambia, at the celtel loan signing ceremony, lusaka, 12 december 2006. * * * managing director, celtel zambia plc senior government officials present chief executives officers of commercial banks and other financial institutions present management and staff of celtel zambia plc members of the press distinguished invited guests ladies and gentlemen it gives me great pleasure to join you today at this celebratory event for the celtel zambia plc usd105 million 5 - year, two - tranche, local and foreign currency syndicated term loan facility. undoubtedly this event marks a high - point for all those working at strengthening and promoting the zambian private sector. in this regard, this event clearly unveils and in so doing reveals the hitherto relatively unknown sophistication and ability of the zambian private sector and surely the coming of age of our nascent banking and financial services sector. ladies and gentlemen, it is gratifying to observe that the facility we are celebrating today was initially launched as a usd70 million facility but was subsequently raised to usd105 million following significant oversubscription. it is equally gratifying that of the usd105 million, usd86 million or 82 per cent was raised in zambian kwacha primarily from zambian commercial banks with some participation from international development finance institutions. this is a demonstration of the growing confidence in both zambian corporate borrowers and business climate by both domestic and international banks. as bank of zambia, we believe that the recent economic developments, such as, the attainment of single digit inflation for the first time in three decades in april 2006 and sustaining low - level inflation for nearly three consecutive quarters so far to november 2006 are supportive of this initiative. these developments also indicate that zambia is able to rally foreign private capital to improve the domestic financing limitations and support efforts of encouraging faster economic growth, private sector investment and exploitation of the country ’ s huge potential in various sectors. ladies and gentlemen, we also believe that events such as this complement the outcomes of government ’ s economic reform agenda which in part is aimed at strengthening our country ’ s creditworthiness as demonstrated by the attainment of the enhanced highly indebted poor countries initiative ( hipc ) completion point in april 2005. ladies and gentlemen, please allow me to elaborate. in order to strengthen and sustain our new status as a credit