Q FM Africa's Modern Radio
Zambia and European Commission have signed a 65 million euros Grant financing agreement for the Lusaka Transmission Distribution Rehabilitation Project.
The agreement was signed this afternoon in Brussels, Belgium, between Finance Minister Felix Mutati and European Commissioner for International Development Neven Minica.
Speaking during a consultative meeting after the signing ceremony, Mr. Minica says the European Commission is delighted to maintain its partnership with Zambia, adding that, it is time the world stopped looking at Africa as an aid recipient but a formidable partner in development and a platform for stronger global trade.
He says by end of 2017, Zambia will have to access at least 80% of the remaining funds instead of waiting until 2020.
He states that going forward, the European Commission will institute de-risking, concessional facilities, and credit guarantee schemes for private sector investment in Africa.
Mr. Minica says the commission will be participating in the Batoka Gorge Investor Conference to be held in Zambia.
He says the commission has 4 billion euros under a facility called European Investment Fund, for providing the private sector with guaranteed concessional funds for investment in Africa.
And Mr. Mutati has thanked the European Commission for the 65 million euros grant assistance provided under the National Indicative Programme [2014-2020].
The Finance Minister says the agreement will not only facilitate reduction of system loses and improved load management, but also provide the requisite energy for the private sector to up their production and service levels.
This is contained in a statement issued to QFM News by Ministry of Finance Head of Media and Public Relations Chileshe Kandeta.