China cancels 50% of unpaid TAZARA loan

The Chinese government has cancelled 50 per cent of the unpaid loan used to construct the Tanzania Zambia Railway line.

Wen Jiabao the premier of China told president Rupiah Banda during a closed-door meeting in China on Friday.
The talks between the two leaders focussed mainly on the resuscitating of the TAZARA Railway.

President Banda met Jiabao and his delegation at Zhongnanhai where the two leaders discussed the continued cooperation between the two countries. President Banda said he was happy that the Chinese Government has decided to offer 164 scholarships to Zambian students to study in China.

President Banda thanked the Chinese Government for the decision to cancel half of the unpaid loan saying it will go a long way in helping the company to resuscitate its operation.

The Chinese Government said it will also put up a team of experts to help TAZARA overcome its difficulties because it was a very significant asset for the economic development of Zambia and the neighbouring countries, which are dependent on the railway line for transport.

According to president Banda’ spokesperson Dickson Jere, after meeting the Chinese Premier, President Banda held closed-door official talks with the Chairman of the National People’s Congress (NPC) Wu Bangguo at the Great Hall of the People (GHP) where they discussed a number of issues relating to political and economic cooperation.

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