China loans Zambia $29m for infrastructure

LUSAKA -- The China Development Bank (CDB) and the Zambia-China Economic & Trade Cooperation Zone (ZCCZ) have signed a loan of $29 million to improve infrastructure at its Lusaka Park, a senior Chinese bank official has said.

The improvement of infrastructure at the ZCCZ was aimed at providing a better development platform for enterprises in the park, said Zhu Liqun, the president of CDB's Jiangxi branch.

Zhu said that in August 2014, CDB signed the first loan agreement with ZCCZ and Bank of China Zambia limited. Zhu hopes that through two loans of a total of 59 million dollars, it could further accelerate the development of infrastructure in ZCCZ Lusaka Park and attract more Chinese enterprises to invest in Zambia and promote local economic development.

The ZCCZ is the first multi-facility economic zone declared by the Zambian government.

It is also the first Chinese overseas economic and cooperation zone established in Africa.

CDB has so far provided loans amounting to $410 million to Zambia in areas such as metallurgy, roads, real estate, which have gone a long way in supporting the African nation's economic development and trade.