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February 9 2017
ZAMBIA will soon receive a Euro 320 million blend finance of loans and grants for various projects from the European Investment Bank (EIB).
The grant will be used for Zambia’s development needs in sectors such as energy, cash-crop agriculture, infrastructure, social welfare and multi-sectoral capacity building, including financial sector development.
For 2017, the EIB was in the process of finalising finances for several projects such as investment grant of Euro 45 million blended with a loan of Euro 110 million for rehabilitation of the Great North Road.
The bank was also in the process of providing Zambia with an investment grant of Euro 40 million for the Kenya-Tanzania-Zambia Interconnector.
It will also provide an investment grant of Euro 65 million blended with a loan of Euro 15 million for the Lusaka Power Transmission and Distribution Network and investment grant of Euro 15 million blended with a loan of Euro 15 million for aquaculture.
Other projects under EIB consideration in 2017 were the Industrial Development Corporation (IDC) Scaling-Up Solar Project and the Zambia Water for Health Facility.
For the period 2010 to 2015, the Bank supported several public and private sector programmes in Zambia.
Under the public sector arm, the EIB financed projects totalling Euro 407 million, of which Euro 80 million was for rehabilitation of the Great East Road, Euro 22 million for the Kafue-Livingstone power transmission line and Euro 50 million for the Itezhi-Tezhi transmission line.
Others were Euro 75 million for the Zambia Water and Sanitation Project; Euro 78 million for the Lusaka Transmission and Distribution Network; and Euro 102 million for the Lusaka Sanitation Project.
Among Zambian based private sector organisations which benefitted from Euro 56.5 million EIB support between 2010 and 2015 include institutions such as Banc ABC which got Euro 25 million for lending to Small and Medium Enterprises (SME’s).
Madison Finance Company also got Euro 4.5 million for a micro-finance program and Pulse Financial Services which was given Euro 4 million for a micro-finance program.
AB Bank as well obtained Euro 3 million for micro-finance, and FNB Zambia which received Euro 20 million for SME’s and micro-finance programs.
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