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.
Speaking during the ceremony, Mr. Chikwanda said the Kalabo%u2013Sikongo-Angola road project is one of the identified SADC and COMESA core-road networks which will contribute towards poverty reduction in the country through trade opportunities which will trigger economic investment.
And engineer Al Bassam said Saudi Arabia is aware of the challenges and needs of development, therefore, the Saudi fund for development is willing to support projects and seeing more applications from the government of Zambia.
QFM News
Zambia, Saudi Arabia Sign K62 Billion Road Deal added by on
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Now this is development. By the figures it is a gravel road. Why not plan for a tar road so that by the time we start repaying the loan, the road will still be intact. Gravel will wash away after the next rains. Ninshi we are back at 1 with a huge debt at hand.
We shall see…!
Katwishi nga chishinka!
The Money wil jst go into your pokets… Kaili ni money in yo poket…
Ba kabwalala!
Just appreciate guys,better is not enough the best is yet to come
Can we build this road finally? Do we know how it feels to leave home without a guarantee that you will reach your destination in the shortest possible time and at least cost?
@kakolwe – good point – is that amount for gravel or tarmac? RB mentioned trillions, hey?
@Wanyafyes FC RB was a trillionare thief, he store in trillions and hence budgeted everything in trillions. Just look at what sort of children he has. High profile mafia style tycoons dealing with tycoons that deals with the oil rich Rusians and Ukraine Mafiaso.
Is Zambia so poor that we have to borrow 12 million dollars? Is is the tax money from copper going? Why are we getting into debt every time?
Good job guys keep it up.
If it is a gravel road,then way get the loan when it will wash away by rian season.
Lets hope for the best ngatabakabike mumatumba yabo.
After careful reading, it is $54m or K300billion road works. This amount is able to do 150km bitumen/asphalt road.
Had it been DURING RB & SONS UNLIMITED, this road project was going to cost us K400billion!
PF GO GO GO! Leave Bantustans/Tongabull(shit) behind in the dust!
pf gvt at work,u fools shut up with your 4 time loser hh.
i mwebonse wat are u talking abot lets develop dis country&give the contruct to the reliable foreign companies than sable contructions who just brings indian all over the roadside & paying them well than zambian
@chinvindi++
The last time I checked (which is very recent) it was $1.12m per kilometer of tar road. & remember the asphalt you are talking about is coming from Egypt. Zambian is substandard. Simple arithmetic will tell you it’s a grade B gravel road. Tell me its better than nothing & we may roll together.
Take me on vacation anyone before and after I get married. sex with no strings attached
please! Lots of love Carolina Rodriguez, Liaison Officer/Slutty Protocol assistant at the High Commission of the republic of Zambia in Ottawa, Canada. I like really rich men only. I got surgical great perky boobs, tattoo on my hip, pierced clit. Come and get me!
Atase ka Rolinaa, uleleta nausea ako ka pierced clit ulelando! Shaaaaaaa!
Atase ka Rolinaa, uleleta nausea ako ka pierced clit ulelandapo! Shaaaaaaa!
Wat a waste of money! Y not money foa a tarmac? 1 km tarmac is approximately K5.6 billion. So frm these figures u can tel that its a cheap gravel road!
wina azamangiwa come 2016!
More money to waste at expense of Zambians. Why not start with oil factory than the road whcich will be used for human trafficking mostly?
U chi pf kansashi is peyin u alot of money,nd the tax peyers money u ar jst putin in yo pokets yet u bollow money nd sine a dill,u pf need 2 b silious cam 2016 otherwise
These people should’nt lie to us. They’ll be prospecting for oil and digging out diamonds worth many times more than this loan while everyone thinks they’re busy with the gravel road. But our Zed govt sometimes behaves too desperate for nothing, Why get such little money from a country that has so much and will get even much more from our natural resources??… I smell a rat here bane…
failing 2 payback,war,
Have been scrolling through comments.You people really know how to chose pseudo-names.kakolwe, wanu ngwee,pulamasaka,kiduli,devil,vuvusela lol
For the first time Chinese are not there to make deals with Africa.
FEAR OF SECESSION ? SHOULD EVERYBODY THREATEN TO SECEDE TO SEE ANY QUICKEST DEVELOPMENTAL PROJECT ?
WE STILL HAVE A BIG PROBLEM IN ZAMBIA. FOR AS LONG AS WE CONTRACT FOREIGN COMPANIES TO WORK IN ZAMBIA WE WILL NEVER HAVE ENOUGH MONEY? Y CANT WE MAKE ROADS OURSELVES SO THAT THAT MONEY REMAINS IN ZAMBIA?
Ok RB and sons Limited company have stolen money..mambala have become trillionaires in 3yrs.mamamia