Cabinet approves US$41.5m loan

Cabinet has its first meeting in 2016 approved the Contraction of a Loan amounting to US$ 41.5 million from the export-Import Bank of Korea

Cabinet has its first meeting in 2016 approved the Contraction of a Loan amounting to US$ 41.5 million from the export-Import Bank of Korea for the Establishment of a Public Safety and Information System Project.

Chief Government Spokesperson Chishimba Kambwili in a statement to QTV News says the loan is meant to support the establishment of Public Safety and Information System Project in order to improve public safety and security in Lusaka.

He says Cabinet has approved the contraction of the loan as there has been growing concern on the rise in criminal activities as well as the disorderly conduct of some sections of society.

Mr. Kambwili says the funds shall be utilised in ensuring that the mechanisms for crime detection and prevention, through modern technology are strengthened.

He states that the loan is highly concessional with interest rate at 0.01%; repayment period of 25 years; grace period of 15 years; and service charge of 0.1%.

Mr. Kambwili says these conditions are very favourable and would not create undue pressure on Government in terms of repayment.

Cabinet has also approved the Passports Amendment Bill,2015 which will see the introduction of a Bill in Parliament to amend the Passports Act, in order to provide for the recognition of the International Criminal Police Organisation (INTERPOL) Passport Travel Document as an official travel document for Law enforcement officers travelling and carrying out official duties on Interpol related matters.

Also approved is the appointment of the seven members Board of Directors for the Energy Regulation Board.