The European Investment Bank, EIB, has pledged financial assistance towards the development of Zambia’s hydro-electric power generation industry.
The pledge comes in the wake of increased demand for electricity in southern African region.
EIB president, Phillip Maystadt, made the pledge in Brussels today when Zambia’s Ambassador to the EU, Sheila Siwale, called on him to deliver a message from President, Rupiah Banda.
This is according to a statement released to ZANIS in Lusaka by First Secretary for Press at the Zambian Mission in Brussels, Samuel Ngoma, today.
Mr Maystadt also indicated EIB’s determination to sustain support towards development in mining, infrastructure and other key sectors in the country.
He said Zambia currently enjoys the highest per capital lending volume from EIB in all African, Caribbean and Pacific (ACP) group of countries.
Mr. Maystadt said EIB pumped US$20 million to support five local banks last year alone, adding that it will continue to support the Zambia’s financial sector as well as the mining sector through Kansanshi, Lumwana and Munali Nickel mines.
And Mrs. Siwale said Zambia needed the support of the bank to help overcome the effects of the global economic meltdown.
She cited Zambia’s need for hydro power expansion, infrastructure development in road network to open up tourism and other sectors for economic development.
ZANIS/MM/ENDS/SJK
They should negotiate for better terms on these loans.