THE National Pensions Scheme Authority says it is going to spend K157 billion on the Kalulushi housing project on the Copperbelt.
NAPSA director general Stanley Phiri said in an interview that the housing project that would be fully funded by the institution would take two years to complete.
Phiri said the project included low and medium-cost houses that were high on demand in the area.
“The housing project in Kalulushi will have 438 housing units and I’m sure they will all be taken before we even complete because there is high demand for accommodation in the area. We already have demand from companies and some individuals who have applied for the houses,” Phiri said.
He said NAPSA had ventured into investing in real estates in order to close the gap of poor infrastructure in the country.
He said the Kalulushi housing project was not the only one that NAPSA was undertaking.
“There is also the Nyumba Yanga housing project and shopping malls like Levy Business Park that we are currently undertaking. All these are under NAPSA and they are at different levels,” he said.
“I must emphasise again that all these projects are funded by NAPSA without any assistance. Despite people thinking that we are unable to fund such projects, I must say that we are capable because we have the money and we will not incur any debt.”
Phiri further said the authority was facing challenges in undertaking its projects.
“Sometimes we face challenges where skills in various areas are not found in Zambia and we have to invite specialists from abroad to help us,” said Phiri.
Civil society organisations had raised concern over the capacity of NAPSA to fund huge projects when some pensioners have not been paid for many years.