The regulation of commercial banks in Zambia and their role in development
Ailola, David Akapelwa
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The question of foreign investment has many dimensions and is accompanied by varied opinions especially in the context of the developing countries. In the newly independent countries of Africa, Asia and South America the admission of foreign investors to the economies of the nation states has met with both appreciation and discontentment,, Not very long ago, foreign investors were widely acknowledged as absolutely vital, but neutral agents of capital and technology transfer. Today, the trend has shifted somewhat. They are seen in the eyes of most developing countries not as neutral agents of capital and technology transfer, but as principals of that movement. To a greater extent, this conception is true. Foreign investors today possess great economic and commercial power and pose a challenge not only to the national policies of the recipient states, but also to the economic independence of these states as well. In this dissertation, we shall not so much concern ourselves with the individual aspects of the challenge that modern foreign investors pose to the newly independent states. Neither shall we pay great attention to the theories regarding the pros and cons of foreign investment. Such aspects as nationalisation, compensation, settlement of investment disputes and obstacles faced by investors in Zambia shall only be touched on where necessary. This is because these aspects have already been adequately covered by other scholars. Our main concern in this dissertation will be with the development of the institution of foreign investment in Zambia. In this respect, our focus will be on discovering the basis of this institution within the legal context of Zambia. Our work is covered in six chapters. Under chapter one, our concern is with the theories attributed to the growth of the institution of foreign investment at the universal level. Chapter two relates to the development and growth of foreign investment within Zambia. In this chapter, expositions are made regarding both the colonial and the Zambian official policies relating to the whole field of foreign investment. A historical review is conducted stretching from the time when the first Europeans established themselves in this country up to the time when the nationalist government took over power and further beyond that historical event into the infancy of the nation. In chapter three, we have again adopted a historical approach to discover what kind of inducements have been offered to foreign investors to attract them. This review goes back to the days of the B.S.A. Company rule over the territory. It may now be challenged whether incentives are vital to the development of investments, but these came to be very much believed by the countries of Africa, Asia and South America when they first attained their independence. However, we are not in this chapter going to debate the question of the importance of incentives, but we shall simply be looking at some of the offers, policies and laws made by the various governments that have administered this country in relation to foreign investors. Chapter four discusses some of the specific laws that were promulgated to accommodate certain specific investments. Most of the projects covered related to government under-takings such as in the railways, electricity and fuel areas. The chapter does not cover all the specific investments that might have taken place. It simply gives random samples, In chapter five we have taken an analytical approach to examine the country's investment law and the impact they have made on investors. The main aim is to establish the efficacy of the laws in question in relation to the interests of the nation as a whole0 The interests of the investors themselves will be covered,, Chapter six which constitutes our conclusion will summarise all the issues that the dissertation has raised.
- Law