Zambia to benefit from Chinese funding

Lusaka – Zambia hopes to be among the first beneficiaries of a US$10 billion funding facility being offered by China to African countries in concessional loans at a meeting in Egypt about two years ago under the China-Africa partnership agreement. Vice president George Kunda said in Lusaka when he met Chinese vice premier Hui Liang Yu in Lusaka on December 10 that he was happy that Zambia, Africa’s largest copper producer would be among the  first countries that will access part of the US$10 billion concessional loans agreed upon at the fourth ministerial conference of the forum on China-Africa Co-operation in Egypt. Kunda said Zambia will continue supporting the one-China policy.  Kunda and the Chinese Vice-Premier Hui pledged to continue fostering the bilaterial friendship that has existed since 1964. He was speaking after signing two agreements with China in which the Asian giant was praised for contributing to the economic activities taking place in Zambia. Kunda said Zambia and China had enjoyed close relations since Zambia attained independence and had remained close economic partners. He said China had continued to play an important role in the socio-economic development of Zambia. Through bilateral economic co-operation, Zambia has managed to tap into the economic transition of China. “Investment from China has come in many sectors including agriculture, mining, energy, defence and many others. There are many projects by the Chinese in the construction of roads, hospitals and setting up economic zones. Zambia and China also share common views on a broad range of international issues such as the reform of the United Nations and the establishment of the new world order,” Kunda said.  China has become a major player in Zambia’s private sector development, he added. “The Zambian government expects Chinese investment into the country to grow even further, especially with the recent signing of an investment promotion and protection agreement with Zhougui, a Chinese private mining company,”

January 2011
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