Govt secures US$41m for construction of three colleges

Higher Education Minister Professor Nkandu Luo

Government has secured loans totaling US$41 million for the construction of the University College of Science and Mathematics in Nalolo district, University College of Applied Arts and Commerce in Katete and the University College of Science and Technology in Kabompo.

Higher Education Minister Nkandu Luo has told Parliament in a ministerial statement that financing for the construction of the three university colleges has been sourced from the Arab bank for economic development in Africa who will provide a $4.5 million loan, OPEC who will provide a loan of $10 million, the Kuwait Fund who will provide a $13 million loan and Abu Dubai Fund who will provide a loan of $13.5 million.

Professor Luo says the loan agreements with the financiers have already been signed and will be disbursed once all the procurement processes have been completed.

She however, states that these loan amounts are not adequate to complete the construction of the three university colleges and equip them.

Professor Luo says in order to bridge the financing gap; the government of Saudi Arabia has also pledged funds towards the construction of the colleges.

She says the Saudi government has not indicated the actual amount of funds committed as they are awaiting the Environmental Impact Assessment report.