5 C
Alba Iulia
Monday, February 24, 2020

Germany to provide concessional and promotional loans for Zambia electricity sector

Economy Germany to provide concessional and promotional loans for Zambia electricity sector

Ambassador Bwalya Chiti
Ambassador Bwalya Chiti

Zambia’s Ambassador to the Federal Republic of Germany, Ambassador Bwalya Chiti has said that Germany is in a position to offer concessional and promotional loans for Zambia’s electricity sector.

Ambassador Chiti made this disclosure while celebrating Zambia’s 51 years independence anniversary with his compatriots and other members of the Diplomatic and Consular Corps in Berlin, Germany.

He noted that this is the first time that the German Federal Ministry for Economic Cooperation and Development (BMZ) through the KfW Development Bank was offering Zambia such loans.

“This opens up significant potential for cooperation and could assist Zambia with significant financing to realise the country’s investment objectives in the electricity sector,” he said.
Ambassador Chiti added that the German government is also rendering support in the introduction and implementation of renewable energy solutions for the country.

“It is a good thing to now see the Federal Ministry of Economic Affairs and Energy, the KfW Bank and other German institutions all partnering with Zambia to ensure that renewables are the future of the country,” he said.

He also further informed the audience that Zambia is to benefit through the German Federal government’s initiative of “One World – No Hunger”.

The initiative is aimed at addressing food security in an effort to eradicate hunger and malnutrition in the country.

“The project will be implemented through bilateral and multilateral development cooperation and through partnership with private sector and civil society organisations,” he said.

Ambassador Chiti observed that Zambia like any other country has not been spared from the economic slow down and the adverse economic environment.

“With the economic slowdown coupled with the free fall in global copper prices, the country is faced with huge challenges in its socio-economic development drive, and several sectors which include but not limited to energy, agriculture and mining are witnessing severe setbacks, Ambassador Chiti explained.

In swift response to those challenges, Ambassador Chiti disclosed that the Zambian government has put measures in place to remedy the situation.

Such measures are clearly spelt in the 2016 National Budget and will address the following: Increase in domestic revenue mobilisation, limit domestic borrowing and reduce budget deficit amongst others.

Ambassador Chiti further called on bilateral partners including the private sector, to work closely with his government for the establishment of more new industries in Agriculture, manufacturing of finished products and food processing for export and tourism.

“We are eager to work closely with our cooperating partners including the private sector in fostering a diversified economy in order to speed up the development agenda,” said Ambassador Chiti.

[Read 47 times, 1 reads today]


  1. these are people who were suposed to be minister, this man “made” a network we now call MTN. but they put kambwili as minister and shunt this man to the Nazi

    • What a pathetic scrotum you are – if you think today’s Germany is “Nazi”, then take a deep damn look and you will find Chagwa and today’s Zambia have a common denominator with Adolf and the Weimar Republic….freedom of speech has NOTHING to do with verbal diarrhoea – Shut TFU !!

  2. At least he is talking, for many it is “no talk and absolutely no action”…let us make good of this German government. It’s policies are for the poor people the world over. We need to be transparent and accountable and more development will come our way

  3. ‘concessional and promotional loans for Zambia’s electricity sector..?????’

    That just still means borrowing. It’s lovely to be offered these but we really should not be running our country on loans….!

Comments are closed.

- Advertisement -

Latest News

Kuomboka likely to kick off this year

The Barotse Royal Establishment (BRE) in Western Province has said the water levels in the Barotse plains are so...

Creation of a buffer zone at Zambia-Tanzania complete

Creation of a buffer zone on the Zambian side of the Zambia-Tanzania border, in Nakonde District in Muchinga Province, has been successfully completed. ...

Ngabwe District Commissioner says District prepared for Coronavirus

Ngabwe District Commissioner, Melody Phiri, says the administration in the area is prepared for any possible outbreak of Coronavirus and other disease outbreaks. Ngabwe District...

WEEKEND SCORECARD: Chipolopolo CHAN Group D Schedule in Full

Chipolopolo's full Group D fixture list at the 2020 CAF African Nations Championship (CHAN) tournament in Cameroon has been availed. Cameroon is hosting CHAN, a...

TIZ Welcomes Summoning of Health Minister by Anti-Corruption Commission on Corruption allegations

Transparency International Zambia has welcomed investigations by the Anti-Corruption Commission of the Minister of Health Dr. Chitalu Chilufya. TIZ President Reuben Lifuka says there...

More Articles In This Category

- Advertisement -
[Read 25 times, 1 reads today]