Zambia continues borrowing from whoever is willing to lend

The PF government has borrowed  US$10 million from OPEC Fund for International Development (OFID) saying it is for improving education.

Whatever happened to to the $750 million Eurobond? Couldn’t they get $10 million from there are allocate to the education sector?

This is according to a press statement issued by the First Secretary (Press & Public Relations) at the Embassy of Zambia in Germany, Yvonne Pele Shibemba.

The loan agreement was signed by OFID Director General, Mr. Suleiman J. Al-Herbish and Ms. Mwitwa Mulonda, Charge D’Affairs at the Zambian Embassy in Germany, who signed on behalf of the Zambian Government.

The US$10 million loan extended to Zambia will co-finance the construction of three technical colleges in Petauke, Sesheke and Solwezi districts.

And speaking during the signing ceremony on Monday, 19th August 2013, at the OFID headquarters in Vienna, Austria, Ms. Mulonda thanked OFID for its support and said that the assistance through the loan would result in achieving skilled manpower and development.

Imagine she even said the loan agreement signed showed a continuation of a long-established cooperation between Zambia and OFID in eradicating poverty.

And Mr. Al-Herbish expressed satisfaction in signing an agreement that was aimed at eradicating poverty.

Mr. Al-Herbish stated that OFID, whose aim is to stimulate economic growth and alleviate poverty in all disadvantaged regions of the world, has worked with Zambia and will continue to do so.

 

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