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Alba Iulia
Saturday, September 19, 2020

India commit a loan credit of US$25 million to Zambia

Economy India commit a loan credit of US$25 million to Zambia

Zambia’s acting High Commissioner to India Sikapale Chinzewe
Zambia’s acting High Commissioner to India Sikapale Chinzewe

India has committed a loan credit amounting to US$25 million, which is about K30 billion at the current rate, for enhancing agricultural activities in Zambia.

Zambia’s Acting High Commissioner to India, Sikapale Chinzewe, told ZANIS in New Delhi that the government of that country has agreed to lend Zambia a total of US$25 million which will be invested in the agricultural sector.

Mr Chinzewe said the Indian government was currently waiting for relevant modalities to be finalised by Zambia before releasing the money.

“Well, the Indian government has committed this and what is being awaited are the modalities so that these monies can then be offloaded onto Zambia and then used in the enhancement of agriculture,” he explained.

Mr Chinzewe further disclosed that India has given Zambia a grant of US$5 million which is yet to be utilised.

The Acting High Commissioner further pointed out that many other lines of credit from India to Zambia have helped improve areas such as the health sector in the country.

“You know that the 650 rural health posts being built in Zambia are being done by the line of credits from the government of India,” he said.

He said India was a very important economic partner to Zambia because of the many areas of cooperation which the two countries share.

He cited agriculture, mining, energy and communication as some of the areas of cooperation between India and Zambia.

The Konkola Copper Mines (KCM) Plc in Zambia is owned by Vedanta Resources, which is headquartered in London in the United Kingdom but founded in Mumbai in India.

Vedanta owns 79.4 per cent of KCM Plc while Zambia Consolidated Copper Mines Investments Holdings (ZCCM-IH) has 20.6 per cent ownership of the mining company.

Bharti Airtel, which is an Indian multinational telecommunications service company headquartered in New Delhi, owns Airtel-Zambia.

And Vice President, Inonge Wina, is expected to arrive in India on Tuesday, October 27, 2015 for the third India-Africa forum Summit which runs from 26th to 29th of the same month.

Mr Chinzewe said while in India, Mrs Wina will also hold a bilateral meeting with the Prime Minister of India, Narendra Modi, where a number of cooperation areas are expected to be discussed.

The Vice President will be accompanied by Minister of Agriculture, Given Lubinda, Minister of Works and Supply, Yamfwa Mukanga, Deputy Minister of Foreign Affairs Rayford Mbulu and his Ministry of Health counterpart, Chitalu Chilufya.

Minister of Commerce, Trade and Industry Margaret Mwanakatwe has already attended the trade ministers’ conference in India.

The India-Africa forum Summit will be preceded by the senior officials’ meeting on October 26, which will feed into the Foreign Ministers’ meeting on October 27.

Mr. Chinzewe said the summit will be beneficial to Zambia as it is premised on equality, mutual respect and mutual accountability.

Meanwhile, Mr Chinzewe has asked Zambians wishing to travel to India to always inform the Ministry of Foreign Affairs so that the Mission in New Delhi can know about their presence in that country.

He said the embassy was there to facilitate eased travel and stay in India hence Zambians should not avoid informing relevant authorities when they wish to travel.

6 COMMENTS

  1. India is trying to muscle into china’s African bussiness sphere. I feel sorry for those countries embrasing the Indians. They are the most racist towards blacks of them all. They will off load their unemployed onto you, by the time you realise, they own everything. We have had Indians in Zambia what have they ever done except externalised profits and employ only other Asians. They only care for their kin. As thier moto goes ” chalo Cha kawena, Mali ya kamina”

  2. This government has no vision and the sooner it is kicked out of govt the better. This $25m could have been collected from KCM instead of borrowing it from India. This money will go for elections.

  3. This is what you get when there is no vision, the easiest way out is just to borrow. Never have we heard from this particular government that they have raised so much revenue and they are investing the raised money into this activity or activities, its always we have borrowed or in the process of borrowing!!!

Comments are closed.

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