ZAMBIA has signed two loan agreements worth US$243 million with the African Development Bank (AfDB) for rehabilitation of the Chinsali -Nakonde road.
Finance Minister Alexander Chikwanda signed the loan on behalf of the Zambian Government at the Ministry of Finance headquarters in Lusaka.
Mr Chikwanda said the loan was repayable within 20 years with one per cent interest.
Of the US$243 million, US$193 million was from the ADB while US$50 million was from the Africa Growing Together Fund, a trust fund by the Chinese government to support Africa’s economic transformation.
The Africa Growing Together Trust Fund was managed by the Development Bank of Zambia (DBZ).
He said the 210 kilometre stretch of the Chinsali-Nakonde road was an important project as it was part of the Great North Road.
Mr Chikwanda said the PF government was committed to rolling out infrastructure development to accelerate economic development.
And AfDB resident representative Damoni Kitabire said his bank had focused on the development of key roads linking the country with its neighbours.
Mr Katabire gave as an example that DBZ had provided funds for the Nacala Corridor project, which originates from Port Nacala in Mozambique to Lusaka.
He said his bank has also financed feasibility studies for the rehabilitation of Mpulungu port to improve communication on Lake Tanganyika between Zambia and Burundi.