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Saturday, August 8, 2020

Zambian and German governments signed bilateral agreements worth 120.5 million Euros

Economy Zambian and German governments signed bilateral agreements worth 120.5 million Euros

Finance Minister Alexander Chikwanda
Finance Minister Alexander ChikwandaFinance Minister Alexander Chikwanda

The Zambian and German Governments have signed two bilateral agreements for Financial and Technical cooperation worthy approximately 120.5 million Euros.

The two agreements comprise commitments of 94 million Euros for financial cooperation and 26.5 million Euros for technical cooperation.

Forty million Euros will go towards concessional financing for the rehabilitation and extension of the Chishimba Fall Hydro Power Station.

Speaking during the signing ceremony in Lusaka today, Finance Minister Alexander Chikwanda thanked the Germany government for the support rendered to Zambia.

Mr. Chikwanda says the signed bilateral agreements are timely and will help substantially to fill some resource gaps.

He notes that currently Zambia has significant challenges in its economy principally due to the external induced shocks arising from the global economy particularly as they relate to low commodity prices.

And Germany Ambassador to Zambia Bernd Finke, who signed on behalf of his government, says the signed agreements are based on the bilateral government negotiations on German-Zambia development cooperation which took place in November last year.

He says the 120.5 million Euros worth agreements attest to the fact that Germany has now doubled its funding to Zambia.

Mr. Finke says this also signifies an increase of around 5 percent compared to Germany’s last commitments in 2011.

The envoy has since assured the Zambian government that Germany will continue to be a reliable partner in good and in less good times.

6 COMMENTS

  1. Ba Lungu Magande and Fundanga are still alive and would be very helpful. Infact they will add more value to the PF and the country than Dora and Kaingu.

  2. Is it another loan? They are not using ‘ bileteral agreement’. Tell us ba Chikwanda,will this money be paid back? is it a grant?

  3. Really this man is tired your excellency sir, find someone with a bit of energy to replace the old man. Fundanga or Magande would do the magic. The kwacha is seriously losing value and if fuel prices are affected then I don’t know what next. Mr Chikwanda has done his best allow him to rest. I trust you our listening President will do something. We love PF and love Zambia.

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