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EIB disburses €21.9 million

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The European Investment Bank (EIB) has disbursed €21.9 million to clear contractor arrears for works done on the Great East Road.

This is the work that has been done between Luangwa Bridge and Mwami Border Post in Eastern Province.

Ministry of Finance Spokesperson Chileshe Kandeta said this brings to €61.9 million, the total disbursements made to date on the €80 million project.

Mr Kandeta said the outstanding balance of € 18.1 million will be accessed from the EIB once the on-going tender processes for construction of the Chipata Dry Port and weigh bridges for the Great East Road are concluded.

Meanwhile, the African Development Bank has written to the Ministry of Finance to confirm it’s lifting of the temporal disbursement sanctions that were imposed on Zambia.

He said this follows the clearance of a delayed obligation of US1.4 million to the Bank.

Minister of Finance Bwalya Ng’andu has thanked the EIB for disbursing the funds that were committed for the Great East Road Rehabilitation Project.

“The Zambian Government remains committed to implementation of the medium term debt management strategy and will apply its best efforts to ensure that foreign debt obligations are cleared as they fall due,” added the Minister,” he said.

Dr Ng’andu has thanked all cooperating partners for their support during the year and for their commitment to the high-level policy dialogue process in the quest to strengthen their development cooperation with Zambia.

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Alice Nachilembe

Alice Nachilembe is a Journalist who yearns for a better country with leaders being accountable to their mandate without oppressing the governed.

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