The PF Government has acquired another loan of K573 Million from the European Investment Bank.
Finance Minister Alexander Chikwanda who led Zambia into a debt trap in the 1980s said that the loan is intended to finance the improvement of Water supply and sanitation amenities in Mufulira, Chililabombwe and Chingola towns.
Mr. Chikwanda said that government appreciates the support it has continued to receive from the European Investment Bank in various areas of the country’s development such as agriculture, transport, energy, water and sanitation.
Mr. Chikwanda explained that the requirement of the Zambia Water and Sanitation project is 156 million euros to be arranged through a co-financing facility and government will provide 20 million euros while the agency Francaise De Development will provide 50 million euros.
He added that the European Investment Bank will provide the balance through the contract signed today.