E.U bank lifts sanctions on Zambia
TIME PUBLISHED - Sunday, December 11, 2011, 9:51 pm
The European Investment Bank has lifted restrictions on its activities in Zambia.
This is in-recognition of the strong stance against corruption taken by the PF Government under the leadership of President Michael Sata.
Meanwhile, government and the European Investment Bank have signed an 80 million Euro’s financing contract for the rehabilitation of the Great East Road.
European Investment Bank President, Philippe Maystadt says a third public sector operation, involving a 64 million united states loan for the Itezyi-tezyi power project, is under preparation for submission to the banks governing board, within this month.
According to the letter to Zambia’s Finance Minister, Mr. Maystadt says the bank will soon submit a proposal for a 30 million United states dollars loan for the Kafue -Livingstone power transmission line.
He says this is also in recognition to the substantial efforts made by government to strengthen public service governance.
The estimated cost of the Kafue -Livingstone power transmission line currently stands at 103 million United States dollars.
The project aims at addressing power supply challenges in Livingstone and to facilitate transmission of thermal power from Maamba into the National grid.
And Finance Minister Alexander Chikwanda says government is hopeful that other prospective co-financiers of the project namely, the World bank and the African Development Bank , will move expeditiously to ensure that the Kafue -Livingstone power transmission line project progressed smoothly.
Mr. Chikwanda has told Representatives of the Bank in Lusaka, that the Zambian government is irrevocably committed to the principles of good governance and strict fiscal compliance in the utilization of both local and external mobilized resources.
This is according to a statement released to ZNBC News by Ministry of Finance and National Planning Public Relations Officer Chileshe Kandeta.
[ZNBC]
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