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AfDB loans Zambia 125 mln USD to boost development

Xinhua, March 30, 2016 Adjust font size:

The Zambian government signed a memorandum of understanding (MOU) Tuesday with the African Development Bank (AfDB) for the financing of three projects amounting to 125 million U.S. dollars in the country.

Zambia's Finance Minister Alexander Chikwanda, who signed the MOU, said the three loans were concessional with an interest rate of less than two percent and a 20 year maturity period.

Out of the 125 million dollars, 50 million dollars will be for implementation of a sanitation program aimed at improving access to sanitation in Lusaka and 45 million dollars for a cashew infrastructure project in the western part of the country, while 30 million dollars will go towards skills and entrepreneurship development for women and youths, he added.

Damoni Kitabire, AfDB representative, said the bank was committed to supporting Zambia's development agenda.

He said the signing of the loan facility was a milestone for the partnership between Zambia and the bank, and expressed hope that the financing will create jobs and spur economic development in the country. Endit