Zambia lands K1 billion ADB loan

Zambia has signed three loan agreements with the African Development Bank (ADB) amounting to approximately K1 billion to finance various projects.

Finance Minister Alexander Chikwanda said at the signing ceremony in Lusaka that the loans would be used to finance Lusaka Sanitation programme and climate resilient sustainable infrastructure.

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

The minister said the three loans were concessional with an interest rate of less than two per cent with a 20-year maturity period.

He said the other monies would be used for skills development and entrepreneurship project which would also target women and youths.

Mr Chikwanda said the cashew development project was aimed at reviving the cashew sub sector which was one of government’s priority projects.

And 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 marked a milestone for the already existing partnership between Zambia and ADB which dated back to 1965.

He was hopeful that the financing of the projects would create jobs and spur development.

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