Price: $ 1295
BMI View: There is upside potential to BMI's already strong forecasts for growth in Zambia's construction industry. With growth in 2012 surprising to the upside considerably, there is upside potential for our 8.6% real growth estimate for 2013. A number of sizable projects are in the pipeline, coupled with high-value investment plans announced by state-owned utility Zesco and road improvement programmes - all of which should boost growth if financing can be secured. In addition to a resurgence of development funding, Zambia is looking to tap into international debt markets to secure capital for these programmes, leveraging off the country's successful first eurobond in September 2012 to issue another in 2013, of which 90% will be directed to infrastructure. The construction sector is being t ...
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