THE ZAMBIAN GOVERNMENT HAS SIGNED A K500 BILLION LOAN AGREEMENT WITH THE AFRICAN DEVELOPMENT BANK (ADB) FOR PHASE TWO OF THE REHABILITATION OF THE NACALA CORRIDOR ROAD PROJECT.
THE PROJECT INVOLVES THE REHABILITATION OF THE 114.7 KILOMETERS OF THE GREAT EAST ROAD FROM NYIMBA TO SINDA.
FINANCE AND NATIONAL PLANNING MINISTER SITUMBEKO MUSOKOTWANE SIGNED ON BEHALF OF THE ZAMBIAN GOVERNMENT WHILE RESIDENT REPRESENTATIVE OF THE AFRICAN DEVELOPMENT BANK IN ZAMBIA DR. FREDDIE KWESIGA SIGNED ON BEHALF OF ADB AT THE CEREMONY WHICH TOOK PLACE AT THE MINISTRY OF FINANCE IN LUSAKA TODAY.
DR. MUSOKOTWANE EXPLAINED THAT THE LOAN WILL FACILITATE FINANCING AND UPGRADING OF THE GREAT EAST ROAD PORTION FROM NYIMBA THROUGH PETAUKE TO SINDA IN EASTERN PROVINCE COVERING A SUBSET OF PHASE II CONSISTING OF REHABILITATION OF THE 114,7 KM TO ASPHALT CONCRETE STANDARD.
DR. MUSOKOTWANE STRESSED THAT THE 500 BILLION KWACHA LOAN WILL ALSO CATER FOR CIVIL REHABILITATION WORKS AND INSTITUTIONAL SUPPORT INCLUDING BUILDING CAPACITY TO STRENGTHEN GOVERNANCE STRUCTURES AT THE ROAD DEVELOPMENT AGENCY (RDA).
THE MINISTER SAYS THE DEVELOPMENT OF NACALA CORRIDOR WILL SHORTEN ZAMBIA’S ACCESS TO THE NEAREST SEA PORT TO ONLY 1700 KM FROM LUSAKA ONCE WORKS ARE COMPLETED HENCE MAKING THE COST OF ZAMBIA‘S PRODUCTS ON THE INTERNATIONAL MARKET MORE COMPETITIVE.
DR. MUSOKOTWANE NOTED THAT REDUCED TRANSPORT COSTS AND TRANSIT FOR IMPORT AND EXPORT OF GOODS WILL INCREASE ZAMBIA’S BUSINESS COMPETITIVENESS, WITH THE BENEFITS RESULTING IN THE GROWTH OF PRODUCTIVE SECTORS.
HE STATED THAT THE PROJECT WILL ALSO SUPPORT ECONOMIC GROWTH IN THE REGION AND OSTER REGIONAL INTEGRATION.
AND ADB RESIDENT REPRESENTATIVE FREDDIE KWESIGE SAYS THE OBJECTIVE OF THE PROJECT IS TO PROVIDE ZAMBIA , MALAWI AND MOZAMBIQUE WITH IMPROVED ROAD TRANSPORT INFRASTRUCTURE TO NACALA PORT AND IMPROVE ACCESSIBILITY OF THEIR COMMUNITIES IN THE PROJECT’S ZONE OF INFLUENCE TO MARKETS AND SOCIAL SERVICES.
DR KWESIGE STRESSED THAT THE GREAT EAST ROAD ON NACALA ROAD CORRIDOR IS THE ONLY TRANSPORT LINK WITH ZAMBIA TO THE PORT OF NACALA IN MOZAMBIQUE.
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