Zambia receives a loan of 336 billion Kwacha from France to finance the rehabilitation of the Great East Road
Zambia has received a loan of 336 billion Kwacha from France to finance the rehabilitation of the Great East Road. Finance Minister Alexander Chikwanda said that the total cost of rehabilitating the Great East Road is 1.5 trillion Kwacha.
He said this in Lusaka on Thursday after a signing ceremony for the loan with French Ambassador to Zambia, Marie Annick Bourdin. Mr Chikwanda said that the rehabilitation of the Great east road will be co-financed by European Investment bank which will contribute 505.6 billion Kwacha and the African Development Bank with 495.5 billion Kwacha.
The European Development Fund will contribute 240.1 billion Kwacha as a project grant to the rehabilitation of Great east road. France’s contribution to the project is made through the French development agency through a concessional loan of 336 billion Kwacha.
Mr chikwanda said that the Great East Road is an important road that will boost trade and investment in Eastern Province and Zambia in general. He also noted that it is an alternative route to the sea and to the promotion of regional trade through the nacala corridor.
And French Ambassador to Zambia, Marie Annick Bourdin said France is committed to providing oversees development assistance despite the eurozone debt crisis. She said the rehabilitation of the Great esst road will help in providing mobility for goods and services within zambia and the region.
Meanwhile the French development agency Regional Representative Jean Michel Debrat said the agency will extend its financing to the development of the Ithezhi Thezi power generation and transmission project.