Friday, March 1, 2024

Government and Africa Development Bank sign $125m loan agreement

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Finance minister Alexander Chikwanda singing in the visitors book during the official opening of Barclays Solwezi Branch as Barclays Bank Zambia Board chairman Jacob Sikazwe (I) and Barclays Zambia managing director Saviour Chibiya (m) and Solwezi Barclays Bank Branch manager Chomba Musonda (r ) look on in Solwezi
Government has signed a memorandum of understanding (MoU) for a loan agreement with the African Development Bank (ADB) amounting to US$125 million.

The loan is for three projects.

Finance Minister Alexander Chikwanda signed the MOU on behalf of government while African Development Bank Regional Representative Damoni Kitabire signed on behalf of the bank.

Mr. Chikwanda said at the signing ceremony in Lusaka today that the three loans that have been signed are concessional with an interest rate of less than two percent and maturity of twenty years.

And Mr. Kitabire has appealed to the Ministry of Finance to accelerate the process of meeting conditions for the disbursement of funds for the three loans.

He said the African Development Bank was committed to light up, integrate, feed, industrialise and improve the quality of life for the people of Africa in order to meet the vision 2030 at national level.

Out of the US$125 million, US$50 million is for the implementation of the Lusaka sanitation programme aimed at improving access to public sanitation in the city while US$45 million is for the Cashew infrastructure which will be introduced to all parts of Western Province in order to reduce poverty and improved household incomes.

The remaining US$30 million will go towards the Zambia skills development and entrepreneurship project which is aimed at supporting women and youth.

20 COMMENTS

    • IMWE GUYS, KONGOLENI FYE ISHINGI. IF IT’S USD2BILLION MWAKONGOLA MWALABAKO AND PUT IT IN GOOD USE. “UWAUMA NAFYALA OMINA LIMO”. MULEKONGOLA FYE MPALE MPALE ELO TUNONO TUNONO. FISANGA BAUME. IF AfDB CAN LEND THE EQUIVALENT IMF WANTED TO LEND US WHY NOT JUST BORROW FROM AfDB AND RETAIN THE WEALTH IN AFRICA? WE NEED INFRASTRUCTURE, WITHOUT WHICH ZAMBIA IS DOOMED.

    • HOWEVER, JUST A WORD OF ADVICE: LUSAKA HAS HAD SO MANY SANITATION PROJECTS EVER SINCE INDEPENDENCE BUT TO NO IMPROVEMENTS. I URGE YOU TO IMPROVE WATER RETICULATION IN SERIOUSLY, ALREADY AND POTENTIAL TOURIST TOWNS. THESE TOWNS ARE, LIVINGSTONE, SAMFYA, MPULUNGU/MBALA, MONGU AND NCHELENGE, KAFUE, CHIPATA, FEIRA. OTHERWISE LUSAKA IS JUST A BOTTOMLESS PIT.

    • Man I have lived in Australia for 10 years now but never heard of such news ati sanitation loan? Why Zambia is always borrowing yet these basunguzi don’t? Cleaning of Lusaka is the local people who can do it and not loan. We need to change our thinking and act to ensure cleanness in our city.

    • Yes Lusaka needs sanitation, it seems Lusaka residents banya fye chi nye nye nye!!
      Lusaka should be stinking with ba PamaFi leading in the shedding of S.h.i..t!!!

      Time to vote wisely 11/8/2016!! Vote Zambia Forward!!

      #chagwamustfall!!

      I thank you!!

  1. Fossil Chikwanda is retiring this year…please sir go now…on closer inspection at these loans one will be show to find that there is absolutely no planning…simply funds misappropriated for vote buying!!

    • You chaps are hypocritical no government on earth functions without debt. Di not be fooled. All developed countries pride themselves for their ability to get loans and not otherwise. Right now most owe more than 100% their GDP.

  2. How many water and sanitation projects will Lusaka have?
    1. The Millennium Challenge Account has put forward a $300m water and sanitation improvement in Lusaka.
    2. Govt now signs this $50m for sanitation in Lusaka.
    But why???????

  3. This $30M they are saying is going towards empowering women and youths will actually be used to bribe marketeers throughout the country! The moneys these idi0ts borrow is too little and surely if they were focused people they can’t fail to raise these moneys within Zambia! Ishi shena ni mbwa!

  4. US$45 million is for the Cashew infrastructure which will be introduced to all parts of Western Province.

    Priming debt for Barotseland.

  5. This is what happens when you have a failed leadership. yes Chikwanda has been a useless minister. Like Lungu who had 4 pay rises within a year, Chikwanda cares only for his pocket. Shake on the old man. At least Mukombwe was honest enough to say people go into politics to eat.

  6. Loans for obscure projects – which in any case should be funded from local resources. Doesn’t the country collect any revenue any more? Taxes, foreign exchange earnings? Shouldn’t the government come clean and state that its bankrupt and the borrowing will go on? All these loans do not burden the current government fossils, but the children growing now and their children.

  7. This could be the tenth loan for the Lusaka sanitation project I have heard about of late…I suspect Lusaka is the cleanest city in the world and the cholera we hear about is the opposition making up stories!

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