Export Import Bank of India- EXIM Bank Managing Director David Rasquinha is happy that the decongestion of Lusaka roads project is taking shape.
Mr. Rasquinha said EXIM Bank which has funded the road infrastructure project in Zambia is making Zambia among the best countries to conduct business with in Africa.
He was speaking during Africa Day in Gujarat when he addressed participants attending a Summit which has attracted Cabinet Ministers, Diplomats and captains of industry from Africa.
The EXIM Bank Boss has since urged Indian investors seeking to invest in Africa to consider his Bank for financial assistance to fund projects especially infrastructure development.
Mr. Rasquinha praised the Indian Government for choosing his Bank as a conduit for financing projects especially in Africa in order to achieve the India- Africa mutual cooperation.
Zambia’s High Commissioner to India Judith Kapijimpanga also attended the Summit.
The 289 million United States Dollar Lusaka decongest road project is a catalyst to the country’s increased productivity and economic growth. The project is scheduled to be completed in 36 months.
Signed in May 2017, the road project is a co-financed with 85 percent coming from Exim Bank of India while, the Zambian Government meets the 15 percent.
The project scope will involve construction and expansion works of 120 kilometre stretch of major roads, selected roads with two lanes expanded to four lanes, bus lanes constructed on major roads such as Kafue and Great East roads, construction of fly-overs and modern round-abouts on major junctions respectively.
This is contained in a statement issued to media, by First Secretary Press and Tourism at the Zambian Mission in New Delhi, India, Bangwe Naviley.
What about the hell run in northern/ Muchinga and Central provinces. When are we going to work on it. That road brings a lot of money into this country and yet the most neglected road. Traveling on that road leaves a lot to be desired.
Politiciians just keep on talking and talking and people are dying on that road. Its the most terrible road in Zambia. It does not mean that because its a stronghold for some stupity party and people get abused NO. We shall vote for the party that will promise a better road there.
Disaster!!!!
We shall vote for a party that promises. …just promises? We have been promised since independence.
Of course Export Import Bank of India is happy ..I mean their bank is providing the loan and Indian contractors are the main contractors of that $289 million project most of that money is going back to New Delhi…all the docile Zambians will have to do is pay back that project valued by the funders with interest…so even the precast concrete pillars sections are coming from India..its win -win for India manufacturing.
We need to incorporate a Social Act in these EXIM bank funding contracts like in Nigeria as they are of little benefit to the economy when most of the money is leaving the country, there is no skills transfer whatsoever.
Wake up from your docility people!!
So ba JJ, you’d rather we continue to be choked with traffic? This is a huge project with huge economic value (saving at least 20 minutes per day in travel time within Lusaka is no mean achievement economically). What are you talking about?
Thats not my point…my point is regarding funding and procurement strategies that dont benefit the sector. Its like Shoprite giving a loan for food and other items in shopping vouchers. Have you seen here that Zambia is contributing $15 million…this is laughable when the govt is wasting more on overpriced things…skilled local professionals do not benefit from Exim bank funding hence we are stagnant and have nothing to show.
In a nutshell…there are smarter ways to fund these projects not these outdated funding strategies…remember we are the ones paying back this money with interest.
#2 Jay Gay, presenting trib.al ignorance and trib.al fake stories as fact as usual. The trib.al fo..ol has no idea what is happening and yet presents himself as an expert! Yes a trib.al expert, thinking talking reasoning trib.al. Brethren just ignore this trib.al, as usual.
You go and look up the definition of EXIM Bank…instead of spewing the selfsame nonsense lije that small boy of 2018 Sharon!!
FYI I work in this sector and clued up on such procurement and funding strategy.
#1 Rudemonk, is saying something sensible, but mr trib.al Jay Gay fimbi fimbi. Fortunately we all know the trib al thinking when we see it.
And what is your childish dumba$$ saying?
That Lusaka decongestion project the roadways are too narrow it doesn’t do justice when one envisions the future needs and growth of the city.Zambia has very poor planners.
The roads are big enough ..its the adoption of bus lanes am worried about and the phasing out of those small Matatus Toyota Hiace buses for better bigger buses to get the full benefit of decongrstion…they should have done that by now and be teaching them how to use bus lanes.
@Rudemonk
You chaps in UPND dont cease to amaze us, today when PF and President Lungu embarks on infrastructure projects like roads and other modern facilities, you scream like lost souls and when Government sources funds to improve roads like the hell run road, all you see is corruption and say we wont eay roads. You now realise that if a leader cant take transformative decisions like what PF and President Lungu are doing, you are stuck in poverty. Its good that your thick and contaminated brains are slowly getting some oxygen and you can see how terrible Zambia was before PF took over. Unfortunately, your big Kachema, HH has no infrastructure development plan for Zambia and as Zambians we wont allow him near State House.
Sources funds? Why cant these projects be self funded so our Engineers can participate all the drawings are done in India, the contractor is Indian with its engineers. We are happy to waste money of VVIP jets paying cash but when it comes to such projects even raising half the money is a problem.
we have lamentably failed as Zambians…thats why the indians are financing this project.
you ask what will remain? the better roads and flyovers will remain as this is development which we as Africans have failed to achieve…
our enginerrs are chakolwas..name me one project which Zambians did on their own??//
God help us!
How can your Engineers learn from this project when all the pre-construction work is done in India ….thats the most important phase of any construction phase.
They say “Seeing is believing”.We have already seen how PF Govnt is implementing this project along Kafue road near Makeni mall.HENCE,PF HAS OUR VOTES IN 2021!!!Kainde and his fellow losers in opposition can continue making fake promises but is all in vain!!!
KEEP IT UP MIGHTY PF!!
Seeing is believing at the expense of accrueing debt…this is the problem you just see T-bone but dont ask who is paying for it or if you can do it in better more strategic way!!
@ jay jay can u explain more on the social ACT in nigeira under such type of so called funding , when Zambia is going to pay back? What have the nigerians adopted? Give an example SIR, NIKUGWILA BOZA LAKO TIONE MAMBALA IWE, KAMBA BWINO PALI SOCIAL ACT NGATI SIUKAMBA UZAKAMBILA KUSOGOLO
In Nigeria every foreign company awarded a construction on a public contract has to build something for the local community or renovate ie a school, library, community centre…in this case the nearest Public school to CBD would benefit….there is nothing strategic about EXIM Bank contracts they benefit the lending country more…most people look at the outcome instead how the local community will benefit for every one dollar spent..
We should have stuck with Chinese. They have superb roads.