Zambia Signs a US$ 10 Million Cancer Aid with Arab Bank for Economic Development in Africa

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Finance Minister Felix Mutati with Vice Chairman of The Arab Bank for Economic Development in Africa Yousef Al-Bassam,
Finance Minister Felix Mutati with Vice Chairman of The Arab Bank for Economic Development in Africa Yousef Al-Bassam,
SAUDI FUND CHAIRMAN, ENGINEER Yousef Al-Bassam, who also doubles as Vice Chairman of The Arab Bank for Economic Development in Africa (BADEA) has said the expansion of BADEA’s portfolio in Zambia by an additional US$ 10 million to bring the figure to US$ 140 million from US$ 130 million in September, 2017, signifies the brotherly relations between Zambia and BADEA.

“Up to September, 2017, BADEA’s total commitment to Zambia stood at US$ 130 million while the total commitments of the Arab National and Regional Development Financial Institutions stood at US$ 280.5 million as at June, 2017,” said Eng. AL-BASSAM, who was speaking during a signing ceremony between Zambia and BADEA held on the sidelines of the 2017 IMF/World Bank Annual Meetings in Washington DC.

“I am very pleased to be with you today on the occasion of signing a US$10 MILLION FINANCING FACILITY FOR CONSTRUCTION OF CANCER TREATMENT CENTERS IN ZAMBIA,” said Eng. Al-Bassam, adding further that, “this is aimed at supporting the Zambian governments’ policy of expanding health services coverage and access.”

The BADEA Vice Chairman also said the agreement will expand cancer care services in Zambia through expansion of radiotherapy access and specialist health care services in the country, “by reducing the travel challenges of cancer affected persons who usually have to traverse long distances to access diagnostic and treatment services.”

Eng. AL-BASSAM requested Finance Minister Felix Mutati, who signed on behalf of Zambia, to assure President Edgar Lungu of the full support of BADEA and The Saudi Fund in fulfilling Zambia’s development agenda.

AND Mr. Mutati has said the loan agreement signed with BADEA will not only ease the burden of specialist treatment and access to quality medical care especially in Livingstone and Lusaka regions, but also act as a critical ingredient in moving the economy forward through sustenance of a healthy population.

“It has been very expensive for Zambia to send patients for specialist treatment abroad,” said Mr. Mutati, who also assured Eng. Al-Bassam that the Zambian Government would ensure full accountability and transparency in the usage of the funds so that the targeted beneficiaries access the optimal benefits of the financing facility from BADEA.

The Minister also appealed to The Saudi Fund and BADEA to consider assisting Zambia in financing specialist education related to modern science and technological advancement.

Finance Minister Felix Mutati with Vice Chairman of The Arab Bank for Economic Development in Africa Yousef Al-Bassam,
Finance Minister Felix Mutati with Vice Chairman of The Arab Bank for Economic Development in Africa Yousef Al-Bassam,

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7 COMMENTS

  1. The Minister of Loans should also look at the energy sector. We had ZESCO loading shedding in Nkana East Kitwe yesterday from 19hrs to 22hrs. Just imagine

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    • Zoona tilibe nansoni. $10M? All that will he consumed in one trip. Kabili uziba boss amapita nama 40 carders

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  2. So since the IMF denied them a loan they will keep borrowing from various international financial institutions until it reaches the $1.3bn that they intended to borrow from IMF.Reversing all the gains that the MMD made in debt management.

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  3. Lets wait and see how many cancer centres are delivered and in what time frame……but another loan….on one hand we are telling IMF we are reigning in our debt and at a side meeting we borrow another $10Million bring our total to
    $130 million, what was the other $120 million used for

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    • Has this indigenous fool thought about the payment plan…what a fool…every time I see this mans picture in the news paper he is getting a loan…who will pay for those Loans.

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  4. You are swift to spend $42million on 42 overpriced 2nd hand lorries but when it comes to health you go begging!!

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  5. BUT MUTATI SAMVELA HOW COME SIGNING MORE LOANS KU WASHIGNTON IN THE PRESENCE OF IMF HAHAHA..IMF denied a bailout due to debt burden and u sign a loan in their presence hahaha..Zambia will never get IMF MONEY EVEN IN THE NEAR FUTURE UNLESS HH is presdent of zed in 2021

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