The University¬†of Zambia (UNZA) is hoping to be self-sufficient by raising its own funds and cost of operation to invest in various sectors.
Public Relations Officer, Damaseke Chibale said the institution is assessing its infrastructural resources that could possibly turn into business ventures.
‚ÄúAs a public institution venturing into business prompts the need to create a Holding Company which will be a vehicle through which the University of Zambia will be able to carry out the ventures,‚ÄĚ Mr. Chibale said.
He added that the process is underway in discussion with the Ministry of Higher Education and the Ministry of Commerce and Industry.
He said the institution is working on harmonizing both the Company Act and Higher Education Act in order to support these ventures.
The ventures will include renovation and rehabilitation of the Marshlands hostels along Great East Road into a 4 Star Hotel, Parts of the Liempe Farm to construct hostels for students and accommodation facilities that can be rented out to the general public at reasonable prices, setting up a solar Power Station to supply power to the accommodation facility and sale excess to Zesco, the UNZA Press to go into commercial printing and the Auto Mechanic workshop to run as a business through repair and servicing of vehicles.
‚ÄúThe institution is however, still working within the 2013-2018 strategic plan, for that reason, the planning will commence forward the 2018-2022 plan,‚ÄĚ Chibale said.
He further added that the money will be harnessed and reinvested to build more lecture theaters, expansion of lecturer‚Äôs offices, research centers and resource centers.
He said that apart from the main library, each department will have its own information resource with specific text books, as well as improve the outlook for the institution.
The UNZA Holding Company will be a subsidiary with its core functions and separate condition of operate separate from the institution to insure that the institution does not divert from its primary function which is supplying higher education and training.
The business venture is aimed at catering the interests of the students which is providing adequate facilities and resources needed for the student to graduate.
The institution ¬†hopes to also expand the number of students, from 5000 per year to 12000, of which 7000 are usually let go due to the lack of facilities.