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  • Zambia signs K1bn loan with ADB

    Mar 29th, 2016

    Zambia has signed a loan agreement with the African Development Bank-ADB – worth approximately One billion Kwacha to finance various projects.

    Finance Minister Alexander Chikwanda says the three loans are concessional with an interest rate of less than two per cent with a twenty year maturity period.

    Mr Chikwanda disclosed in Lusaka during the signing ceremony that the loans will be used to finance Lusaka Sanitation programme and climate resilient sustainable infrastructure.

    He said the other loan facility will be used to finance the cashew nut infrastructure development project.

    Mr Chikwanda said   the other monies will be used for skills development and entrepreneurship project which will also target women and youth.

    He said cashew development which aims at reviving the cashew sub sector is one of government’s priority projects.

    Speaking at the same function, ADB resident representative Damoni Kitabire reiterated the bank’s commitment to supporting Zambia’s development agenda.

    Mr. Kitabire said the signing of the loan facility marks a milestone for the already existing partnership between Zambia and ADB which dates back to 1965.

    He is hopeful the financing of the projects will creates jobs and spur development.