Zambia signs for fresh loans from China
The Zambian and Chinese Governments have today signed two multi -million dollar bilateral agreements to accelerate development in different sectors of the economy.
The grants are worth 183 million kwacha and an interest free loan of another 183 million kwacha which is to be repaid over a period of 20 years.
Speaking at the signing ceremony, Finance Minister Alexander Chikwanda said the signed agreements will help government accelerate the development agenda.
Mr. Chikwanda has expressed gratitude to the support China has rendered to Zambia’s development agenda since 1964.
“The agreements we have signed today have their origins in the desires of the two countries to attain meaningful development,” Mr Chikwanda said.
He added, “Under the PF watch with President Sata in power, we have to eradicate poverty in the shortest time possible and this will only be made possible with external support. May the relations between the two countries continue to flourish.”
Meanwhile,Chinese Ambassador to Zambia Zhou Yunxiao said 64 million US Dollars of the total amount will be used to implement projects to be decided by the two governments.
Ambassador Yunxiao said the provision of the two funds demonstrate how fully committed his government is to support Zambia in its social and economic development.
And the Chinese envoy also disclosed that Zambia will significantly benefit from the 10 trillion US dollars of exports to China from Africa in the next five years as well as the 500 billion US dollars that country will invest in the same period.
“The agreements are to provide two grants by the Chinse government to the Zambian government and these are to be utilised by projects to be discussed by the two governments, mostly likely on infrastructure development,” the envoy said.
“This is a new year present for Zambia from China,” he said.