Zambia football to float US$10M bond

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By Jeff Kapembwa

Lusaka - The Football Association of Zambia (FAZ) seeks to raise US$10 million through bond issuance to meet obligations as the former footballing nation seeks to rekindle its past glory.

The general purpose vehicle, planned for execution before the end of the year, will seek to complement the US$1 million contribution expected from world governing body, FIFA, to offset some of the country’s urgent needs, including improving infrastructure and youth talent identification.

The football association has appointed a special committee to spearhead the flotation of the US$10 million Chipolopolo bond issuance, as part of an initiative to meet demanding operational needs and support the national teams at various levels and reduce dependency on government grants.

FAZ Secretary General Adrian Kashala has said the bond would complement the financing sought from FIFA, which is not enough to meet the country’s growing needs. 

The committee comprises notable nationals and business icons, including FAZ Chairperson Joseph Katema, and his deputy Andrew Chipwende. Part of the funding will be used for football development as well as upgrading some stadiums in Chipata, Kasama, Solwezi and Mansa. Meanwhile, the football body plans to hold its Annual General Meeting on 13 April for its non-elective annual general meeting.

The meeting will be preceded by the provincial assemblies that will elect delegates to attend the conference. The provincial elections shall be held from 8 February to 4 March. Meanwhile, Chipolopolo coach Sven Vandenbroeck has reiterated his desire to remain in Zambia after his short-term-performance-based contract expired later in March.

The Belgian national who has sought an extension for his contract until 2022 has laid out a plan for upcoming fixtures that include the dead rubber Africa Cup of Nations qualifier against Namibia, qualifiers for the 2020 African Nations Championship (CHAN) and the May 2019 Cosafa championship.

He has unveiled a training programme for the national team including to hold weekly camps for locally based players split between Lusaka and Ndola.

Vandenbroeck will hold the first training session on Tuesday, with Lusaka players and shift to the Copperbelt on Wednesday.

The 39-year-old former Cameroonian trainer believes the regime would assist in cutting the travels for players who are already burdened with a loaded league fixture and also cut administrative costs.

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