The much-touted historical US$750 million which has taken the country’s financial markets by storm is finally ‘safely’ in a special account at the Bank of Zambia, deputy governor for operations Bwalya Ng’andu has disclosed.
Speaking in an interview on the sidelines of a garden party hosted for Princess Anne by British High Commissioner to Zambia James Thornton in Lusaka on Wednesday, the deputy governor said the wait is finally over.
“The money is waiting or sitting in an account in the central bank right now as we speak,” Dr Ng’andu said. “it came in as per schedule last week on Wednesday and is now simply awaiting government direction for implementing projects.”
Dr Ng’andu also said contrary to the belief that the Eurobond funds would ‘immediately’ strengthen the Kwacha, it would in fact take a lot more than just the Eurobond for the currency to gain strength.
“The basic principle is that we must earn foreign currency from several other commodities beyond copper,” Dr Ng’andu said. “the bond money will only start affecting the Kwacha’s strength once the government starts pumping it into capital projects, not by just sitting in an account in the central bank.”
The deputy governor, who was part of the government team that conducted the road shows in New York and London led by Deputy Finance Minister Miles Sampa, told the Daily Mail that, “I am still excited and overwhelmed by the response we got from investors…whoever had any doubt regarding our credibility as a country I think had their doubts dashed.”
Meanwhile, Barclays Bank Zambia Ltd, the joint lead managers and book-runners for the US$750 million, says the bond will further increase Zambia’s “visibility to the international investor community”.
In a statement, Barclays says the bond will further “set an international pricing benchmark for future issues and provide access to long-term projects for capital funding, to both public and private entities.”
The Zambian government has stated that the Eurobond will be used for infrastructure building which is expected to create thousands of jobs within five years.
[Zambia Daily Mail]
Ni sangwapo nomba,. Fintu nibwangu!
And so?
Who gave the business to Barclays Bank? we need a commision of inquiry on how the tender was allocated to barclays.
it makes sense for barclays because its a british company and some of the browsers are british and germany and america and the list of europeans goes on
start the infrastructure without delay, ifikokola filalubana
Let the stealing begin!
just give me my share, twakanefye impiya shesu isho.
more money is Boz pocket
if it were in the MMD era..nganatwakana kale….we enjoyed life….why even publicise where the money is?…..nga shesu isho na RB..
Twalya Again:(:(
Can GRZ update us on the intended application of the money? I get the impression that they borrowed the money first and are now working on what to spend it on. It should really be the other way round.
hooray twalya again. More money in our pockets. Laaaalalaaalaaaala
Can those close to the powers that be tell the nation how much fees the government will pay to Barclays and Deutch Banks? And is the $750m received in full or net of fees?
Please I need to know because this loan will be paid when I am Head of State from 2026.
More money our pocket,shesu fweka ba PF!
Don`t inflate the cost of projects please for more money in the pockets of people on these projects. Especially roads. There is still no satisfactory answer why Kitwe – Chingola rd is going to cost so much. The people need to know how this money will be applied to projects. No funny allowances where the money will all go to personal emoluments and stealing. Phew! Accountability, accountability …….pse!
Some Zambians shock me, they are not happy with this development and are choking with envy and anger, they would rather Zambia failed to get it so that they blame it on PF, for them, everything is partisan, so sad!!!
I guess when Ukwa gets back the money will be put in his personal account for ‘safe keeping’!
There you go again, hating on the wrong person…hate the VOTER!
I have already ordered a Mercedes Benz S 600, Range Rover Sport and BMW X5..Just waiting for my uncle to return from the USA
I don’t understand how building just one kilometer of road can cost 1 billion kwacha
Mmmm i keep an eye on who will buy the latest BMW or BENZ
Infrastructure development will now start in enerst, not the formula 1 roads started by RB at the eleventh hour, PF will not need to campaign in 2016, because they will have performed beyond expectations, I dont envy those who are still choking with envy, work with the Government of the Day, especially that it easier for a camel to enter the eye of a needle than some PRESIDENTS to win a NATIONAL election!!!
TRUE TO THAT
Pa last i understand dnchi kubeba better..it means say very little, never mind explaining govt policy or direction but get on with the work required..in other words just let the people judge by our actions
mwayamba nkani ya ma special account
hahahahaha, naunsekesha sana mukamba, not vama special account. thats how the money gets missing!
That money has been put as state house petty cash
DONCHI KUBEBA WILALILALILA ISH!
LOOK AT ZAMBIA ON THE INTERNATIONAL SCENE.HERE COMES DEVELOPMENT:d
A transparent and accountable government indeed, a far cry from the MMD thieving days of shameless plunder and secrecy!
What is there to praise? PF sycophants you’re embarrassing us! You borrow $750 m and you go ballistic swinging from one branch to another like the monkeys that you are!
The plunder will now begin in earnest!! GBM and his slew of schemers are in tow to get a piece of the cake. No one can aske him because his answer will be “mushe ni mpiya sha ba noko?” Some of it will obviously be released to RDA and “appropriated” accordingly.
nkongole to be paid by another govt in ten yrs time…..put it to good use!
Dr Ng`andu, we all know that USD 750 million is at face value. Kindly tell us how much of this money at cost value (excluding commissions and other charges) is actually sitting in the BoZ account. Also, please tell us why haven`t the list of projects to be financed already been finalised? Could it be inertia on the part of the government of the day? or perhaps the “infrastructure” projects themselves are still being invented? The last thing the people of Zambia need is for these funds to be misapplied!
Dr Ng`andu, we all know that USD 750 million is at face value. Kindly tell us how much of this money at cost value (excluding commissions and other charges) is actually sitting in the BoZ account. Also, please tell us why the list of projects to be financed hasn`t already been finalised? Could it be inertia on the part of the government of the day? or perhaps the “infrastructure” projects themselves are still being fabricated? The last thing the people of Zambia need is for these funds to be misapplied!
I think that that the longer we wait to disburse and implement these infrastructure projects the easier it will be to divert the funds to less productive expenditures!
even me i would chow it. I will be rich so why should i care when its tax payers and etc money thats going to pay it back and not me personally. Twalya again!
thats not too far from Ukwa’s long fingers
$750 minus-Ficticious projects, over inflated projects, youth( caders) development funds, endless overseas trips=0
Baikatilapo ba mataba …
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Im so positive on having this money do a great deal to the development of important infrastructure in our country. In case you didn’t know, the railways system will be revamped to save our roads from unnecessary pressure that causes damage and accidents. Furthermore, more roads will be improved and that will facilitate trade. Power stations (hydro) will be improved and constructed in order to increase power supply. These are some of the good things that will create jobs and create an enabling environment for business. Go go go go go go go go go go go go go go go go go go go PF PF PF PF PF PF PF PF PF PF PF PF PF PF PF PF PF PF PF PF PF.
mubemba kilisholi. Whether a professor or doctor, degree holder etc. Remember Dr. Remmy Moshota & machungwa going to the Bank with Trunks to withdraw k500m Govt cash. Remember 1). Prof. Nkandu Luo & Icasa. Remember 2). Mmmembe, 3).Nchito (k14bn), 4).Dr. Chiluba kafupi, 5). Sata’s house thefts in Merzaf & Avondale etc. This $750m will be bembalized (stolen) I can tell you. Now we have 6). GBM & his huge stomach, 7).George Chellah who built a k1bn house in less than a year, 8). Musonda ZANACO, 9). Aaron chungu, 10). Xavier Chungu, 11). Guys help me remember these Bembas THIEF KINPINS, they are too many for my medula oblongota…These europeans dont know ma-bemba, Im not a tribalist, but facts speak for themselves. This debt will be paid by the sufferings of the rest of the country.
Furthermore, we will open up farming blocks that are well serviced so that our people can engage in meaningful agriculture production, expand airports to enhance tourism in all provinces and do fish restocking in our viable fisheries and promote livestock production with better veterinary services. Go PF
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PF working
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