COMESA, ZRA sign 2.7 M EUROS project

 

COMMON Market for Eastern and Southern Africa (COMESA) and the Zambia Revenue Authority (ZRA) have signed a £2.7million project called the COMESA virtual trade facilitation system (CVTFS) which will help facilitate transaction processes at the ZRA.

Speaking at the signing ceremony, Minister of Finance Alexander Chikwanda said the overall objective of the project was to enhance Zambia’s participation in regional economic integration specifically through support to Zambia’s private sector.

Mr Chikwanda explained that the project will greatly benefit the economy at large in terms of improving revenue collection and minimizing the cost of doing business in the country.

He added that Zambia continued to use COMESA instruments to improve facilitation in the region which would provide an effective transaction of goods and cargo

‘’The overall objective of the project is to enhance Zambia’s participation in regional economic integration specifically through support to Zambia’s private sector. This recognizes that it is the private sectors that have to produce and trade through their economic operators in the region. The total eligible cost of this project which the contracting authority undertakes to finance is £2.7m, a combination of £1.5m as approved by the COMESA fund ministerial committee and E1.2m as approved by the 10th COMESA on  December 9, 2014,’’ Mr Chikwanda said.

He said the project will also support the implementation of the COMESA regional decisions and also serve to support Zambia’s efforts to better integrate into the regional market under COMESA.

Meanwhile, COMESA secretary General Sindiso Ngwenya said this project is an electronic system that will enhance the ZRA to achieve and improve transparency and to control the movements of national and international cargo. And ZRA Commissioner General Berlin Msiska emphasized that the agency will take advantage of this system and be more transparent. Mr Msiska noted that the system will greatly help in controlling the movements of national and international cargo.

Categorized | Home News

One Response to “COMESA, ZRA sign 2.7 M EUROS project”

  1. SERIOUS TEACHER says:

    Confusing currency units in this post. Are you talking about Euros or pounds or both? Euro symbol is not ‘capital E’. Euros are denoted by “episilon” [check Greek alphabet or recall from your Secondary school Science/Maths lessons]. Euro symbol is a capital ‘C’ which is
    crossed by/with ‘equal signs’ in the middle. If its not on your keyboard, then google or explore “euro symbol on keyboard” and learn how to create or get it. If its on your keyboard then use it next time. If nothing works, use words as in your title 2.7 million Euros but not E2.7m nor the well known pound sign! However the easiest Zambian way is copy and paste it! Cheers.

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