Q FM Africa's Modern Radio
The Zambian Government has signed two agreements worth US$243 million with the African Development Bank (ADB) for the rehabilitation of the Chinsali-Nakonde road.
Speaking during the signing of the two agreements in Lusaka today, Finance Alexander Chikwanda says the two loan agreements will see the ADB and the Africa Growing Together Fund provide two highly concessional loans to finance the Chinsali-Nakonde road rehabilitation project.
Mr. Chikwanda says the ADB will provide funds in the total amount of US$193 million, while the Africa Growing Together Fund will provide a loan in the total amount of US$50 million.
He explains that the two loans are highly concessional with an interest rate of about one percent and a loan repayment period of twenty years.
The Finance Minister says the projects will assist the government in its endeavor to improve key infrastructure projects such as feeder roads and accelerate infrastructure development.
Speaking at the same ceremony, ADB Resident Representative Damoni Kitabire says the funds will contribute towards achieving the project’s objective of establishing a transport system that provides efficient, cost effective and fully integrated infrastructure and operations that addresses the needs of users.
Mr. Katabire says the project will also promote social economic development as it provides a critical link between Zambia and Southern Tanzania.