EIB Disburses 21.9 Million Euro For Contractor Arrears

The European Investment Bank has disbursed 21.9 million Euro to clear contractor arrears for works done on the Great East Road between Luangwa Bridge and Mwami Border Post in Eastern Province.

This brings to 61.9 million Euro, the total disbursements made to date on the 80 million euro project.

The outstanding balance of EURO 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.

This follows the clearance of a delayed obligation of US$1.4 million to the Bank.

Commenting on these developments, Minister of Finance Dr. 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 it’s best efforts to ensure that foreign debt obligations are cleared as they fall due,” added the Minister.

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.

This is according to a statement issued to the Media by Ministry of Finance spokesperson Chileshe Kandeta
Spokesperson.

Source: Lusaka Times