The Industrial Development Corporation (IDC) has signed a memorandum of understanding (MoU) with Japanese company Marubeni to rehabilitate Mulungushi Textiles Limited at the Tokyo International Conference on African Development (TICAD) in Nairobi, Kenya. The partnership will be good for Kabwe and the province as a whole.
It is also expected that with the MoU in place, Zambia can buy equipment from Japan to revamp the plant. And under the umbrella of TICAD, IDC will access financing to support the running of the Mulungushi Textiles project through the Japanese Bank for International Cooperation.
Once operational, the factory will open windows for a variety of opportunities for the people of Kabwe.