PF govt gets $243m loans

Outgoing President Edgar Lungu’s PF government has signed two loan agreements worth 243 Million United States Dollars, with the Africa Development Bank -ADB for rehabilitation of the Chinsali -Nakonde Road.
This came to light on Thursday at the Signing Ceremony held at the Ministry of Finance Headquarters in Lusaka.
Of the 243 Million Dollars loan, 193 Million Dollars is from the ADB while 50 Million Dollars is from the Africa Growing Together Fund, a trust fund by the Chinese government to support Africa’s economic transformation.
The Africa Growing Together Trust Fund is managed by the Development Bank of Zambia-DBZ.
Finance Minister Alexander Chikwanda signed the Loan on behalf of the free borrowing Zambian government.
Mr Chikwanda said the loan is repayable within the period of 20 years and attached with one percent interest.

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