Saudi Arabia to Loan $12 Billion to Zambia

The Zambian Government has signed a 12 million United States dollars loan agreement equivalent to K62.4 billion with the Saudi Fund for Development of the Kingdom of Saudi Arabia for the Kalabo-Sikongo-Angola border road project.

The Kalabo-Sikongo-Angola road project will be implemented at a total cost of 54 million United States dollars.

Of the 54 million United States dollars, the Arab bank for economic development in Africa (BODEA), the Kuwait Fund for Arab economic development, and the OPEC fund for development will under a signed loan agreement provide 10 million, 14 million and 10 million united states dollars respectively while the Zambian government will provide counterpart funding amounting to 8 million united states dollars.

The agreement was signed in Lusaka this morning between finance and national planning Minister Alexander Chikwanda and vice chairman and managing director of the Saudi Fund for development, Engineer Yousef Ibrahim Al Abdulrahman Al Bassam, and was witnessed by western province minister John Kufuna, Saudi ambassador to Zambia Hassan Attar and officials from the Zambian road agencies.

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