Zambia has signed a confirmation agreement of a 246 million U.S Dollar credit facility with Export- Import Bank of India -EXIM- for construction of infrastructure that will decongest Lusaka roads.
Minister of Finance Felix Mutati signed on behalf of Zambia while Debasish Malick, EXIM Bank Deputy Managing Director signed for the bank.
And Mr. Mutati is hopeful that the actual works to construct roads in points of congestion will start in less than two months.
He notes that most business houses have relocated because of congestion in the central business district.
Mr. Mutati said this at a side event during the on- going 2017 African Development Bank -AfDB annual meetings in AHMEDABAD, India.
Meanwhile, the Finance Minister has held talks with Chief Minister of GUJARAT, Shri Vijay Rupani, who has promised to help Zambia in areas of agriculture and energy.
And speaking at a side event, Swedish Ministry of Foreign Affairs Deputy Director General for Global Agenda Magnus Lennartsson praised Zambia for taking a painful decision to cut off subsidies on fuel and electricity as such acts are not sustainable.
At another side event, Mr. Mutati met Canadian Foreign Affairs Global Issues and Economic Development Director General PATRICIA PENA who has requested Zambia to support her Country to vie for a seat at the UN Security Council.
And the Finance Minister has taken time to explain to key bilateral and multilateral partners that ‘Zambia Plus’ is a smart way to revamp the economy as key economic indicators such as inflation, foreign reserves, debt sustainability, interest rates and a stable currency exchange rate have now been achieved.
Mr. Mutati explained that Zambia will seek the endorsement of the IMF on its economic recovery path asking Sweden, Canada and other AfDB Governors seating on the AfDB board to encourage the bank to support Zambia with external budget support.
This is according to a statement issued to ZNBC by First Secretary for Press at the Zambian Mission in New Delhi, India, Bangwe Navilley.