Friday, April 12, 2024

European Investment Bank disburses 21.9 million Euro to clear contractor arrears

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Part of the damaged Luangwa-Feira road
Part of the damaged Luangwa-Feira road

The European Investment Bank has disbursed 21.9 million Euro to clear contractor arrears for works done on the Great East Road between Luangwa Bridge and Mwami Border Post in Eastern Province.

This brings to 61.9 million Euro, the total disbursements made to date on the 80 million euro project.

The outstanding balance of EURO 18.1 million will be accessed from the EIB once the on-going tender processes for construction of the Chipata Dry Port and weigh bridges for the Great East Road are concluded.

Meanwhile, the African Development Bank has written to the Ministry of Finance to confirm it’s lifting of the temporal disbursement sanctions that were imposed on Zambia.

This follows the clearance of a delayed obligation of US$1.4 million to the Bank.

Commenting on these developments, Minister of Finance Dr. Bwalya Ng’andu has thanked the EIB for disbursing the funds that were committed for the Great East Road Rehabilitation Project.

“The Zambian Government remains committed to implementation of the medium term debt management strategy and will apply it’s best efforts to ensure that foreign debt obligations are cleared as they fall due,” added the Minister.

Dr Ng’andu has thanked all cooperating partners for their support during the year and for their commitment to the high-level policy dialogue process in the quest to strengthen their development cooperation with Zambia.

This is according to a statement issued to the Media by Ministry of Finance spokesperson Chileshe Kandeta
Spokesperson.

13 COMMENTS

  1. They make it look as if its an absolutely normal thing and all you have to do is simply pay the $1.4 million and all is well, if you default on a loan or Credit card repayment service charges are incurred. PF will not tell you that as they assume everyone is as ignorant and simpleminded as their cadre kaponyas.

  2. This notion of doing things on Zambian time is not good. You go to work late or show up at an appointment late ati no I have arrived on zambian time. See now you are paying loan obligations on zambian time. Zambian time is always delayed time.

  3. 80 million euro , which is the total cost of the project, is approximately 90 million dollars. The total distance of the road from Luangwa bridge to Mwami is approximately 380 km. Therefore, the cost of this road per Kilometer is about 300,000 USD.
    However, the cost of locally contracted roads is USD1 million per kilometer. I need to understand

    • You are confusing yourself and fellow zambians with all that overthinking my friend. Just enjoy the road we are building and use them to develop yourself. Any queries, please contact me. Kz

  4. A working government deserves and requires working capital. Let us continue building infrastructure for our people. We talk less and let our achievements speak for themselves. The humble one is getting reelected thanks. Kz

    • You you talk with fists and guns. Which working government one that keeps working hard to make people’s lives more miserable? PF is not a working government it is a destroying government that’s why you have a lot of confusion, one says one thing the dununas the previous speaker with something else making it all seem like a circus as if you all smoked weed.

  5. Comment: When things fall apart, no matter how hard you try to mend the broken pieces, it will NEVER be the same again. Until the corrupt culprits are dealt with accordingly, the PF boat will continue to sink. The damage is way too huge to and too late to fix.

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