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AfricaMoney | October 18, 2017

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Chinese investment coming to Zambia

Chinese investment coming to Zambia

President Sata’s visit to China recently has borne fruits with Zambia and China signing six bilateral agreements that will bring extensive development in various sectors of the economy.  The agreements are a loan facility between Zambia and the China Development Bank Corporation for design and construction/upgrading of the Mansa-Luwingu Road, and a framework agreement for a 1,188,000 yuan (US$1=yuan 6.17) concessional loan for upgrading of the Mbala-Nakonde Road.

The concessional loan facility will be provided by the Export and Import Bank of China.
Finance minister Alexander Chikwanda signed on behalf of Zambia while Vice-President for China Development Bank Corporation Yuan Li signed on behalf of the bank for the Mansa-Luwingu loan facility.

Mr Chikwanda also signed a 9 million yuan agreement for the provision of saloon cars to the Zambian government with the Chinese Commerce minister Gao Huncheng.
Others include the framework agreement on co-operation in promoting small and medium-scale enterprises (SMEs) in Zambia.

Commerce minister Emmanuel Chenda and Mr Yuan signed the agreement.
Under this agreement, areas of co-operation shall include development of export-oriented processing and manufacturing industries, and development of telecommunications and transportation, and expansion of agricultural production.

They will also include development of social welfare and municipal projects such as health, medical care, education and community housing for low income groups and personnel in critical services. Tourism and service industries are the other areas of focus.
They also signed a 100 million yuan agreement on economic and technical co-operation to supplement funding of the Confucius Institute at the University of Zambia.
They also signed an agreement on cultural co-operation for implementation of the 2013-2016 programme.

Under the cultural agreement, China will, among other things, provide 60 scholarships to Zambians annually.

Image Source: www.cbcglobal.org

Source: Government of Zambia

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