EXIM BANK TO CONTINUE SUPPORTING ZAMBIA’S ROAD SECTOR

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The Export-Import Bank of China (EXIM) says it has so far approved funding for four major road projects in Zambia worth US$1 billion.

Exim bank of China Managing Director Transport Financing Department, Liu Ya has pledged the banks continued support to Zambia’s road sector as it was key to national development.

Ms. Liu disclosed this when she paid a courtesy call on Road Development Agency(RDA) Director and Chief Executive Officer Elias Mwape at RDA headquarter in Lusaka on November 10, 2017.

Ms Liu named the projects funded by EXIM Bank as the L400 phase I, phase II and the recently approved phase III.

Others are the Copperbelt (C400) Lot 1 and Lot 2.

The Export-Import Bank of China (EXIM) says it has so far approved funding for four major road projects in Zambia worth US$1 billion.

“Laying a solid development in infrastructure is key. That is why in China we have a saying, ‘if you want to get rich, you must build the road first,” she said.

Ms. Liu further said that China values the road sector’s contribution to economic growth.

“To conduct business one needs the road,” she said.

Ms Liu thanked AVIC International Holding Corporation for making a huge contribution to the road construction sector.

She also commended the RDA as the implementing Agency for making such strides in ensuring that the road projects were implemented.

Eng. Elias Mwape said Exim Bank has been the largest contributor in terms of external financing to the road sector in Zambia from 2016-2017.

Eng. Mwape highlighted some of the key projects that had been funded by Exim Bank of China as the Mongu-Kalabo road which was constructed at a total cost of US$286.9 million.

 

(L-R) RDA Senior Manager Finance, Honeychile Tyetye, Director Planning and Design Eng. Dickson Ndhlovu, Director and CEO Eng. Elias Mwape and Director Construction and Rehabilitation George Manyele

 

“The completion of Mongu-Kalabo road has transformed the area and improved communication.

“L400 phase I is another project that has transformed the surface of Lusaka and its outlook, Eng. Mwape said.

Eng. Mwape said phase II of L400 being done by AVIC International Holding Corporation was currently going on well and is aimed at reducing congestion in Lusaka city.

Mbala-Nakonde road is another project which was funded and successfully completed.

The Government of Zambia through the Road Development Agency has also engaged AVIC International to construct Copperbelt township roads that will transform the road network in the province.

Eng. Mwape added that AVIC International has constructed tollgates which have raised good revenue for road maintenance.
“We have put in place a maintenance regime to ensure that the roads being constructed are maintained from the revenue being collected.

“I wish to sincerely thank Exim Bank of China for its continued cooperation to the road sector and in particular the secret of prosperity that has been revealed, that if you want to be rich, you first build the infrastructure and the roads are key,” he said.


(L-R) AVIC International President Zhang Yan, EXIM Bank Managing Director, Transport Financing Department, Liu Ya, RDA Director and CEO Elias Mwapa and Acting Director Communications and Corporate Affairs, Anthony Mulowa at RDA HQ.

And speaking during the visit AVIC International Holding Corporation President, Ms. Zhang Yan who was also part of the entourage said she was happy to note that projects such as Mongu-Kalabo road were well implemented and running well.

“The country is becoming better because of the road construction. And all these projects have been realised because of the financing especially by Exim Bank,” she said.

Ms. Zhang said the AVIC team had tried its best to ensure projects constructed within the stipulated time frames.

Ms. Zhang delivering a speech at RDA HQ during the courtesy call

“We are now in the process of finalizing the financing of L400 Phase III, the financing loan agreement for phase III. All credit goes to Exim Bank’s efficiency actions and procedures.

“As AVIC International we remain committed to RDA and better efforts to construct roads,” Ms. Yan said.

Eng. Mwape presents a gift to Ms. Liu

 

Group photo