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Works and Supply Minister Yamfwa Mukanga has explained that the procurement process for the $492 million C-400 road project between the Road Development Agency and China Henan commenced before the Bank of Zambia issued the Statutory Instrument on the use of local currency for all signed government contracts.
In a ministerial statement, following a supplementary question asked by Lunte Member of Parliament Felix Mutati whether the RDA and China Henan were exempted from the Bank of Zambia circular for them to sign a contract quoted in US dollar, Mr Mukanga further explained that preliminary engagements by the contractor with the Development Bank of China have indicated that the export credit offer loan, to be finalized with the Zambian government through the ministry of Finance will be in US dollars as a precondition for the finalization of the loan agreement.
He says changing of the currency from US dollars to the Zambian Kwacha would have impacted negatively on the commencement of the project which entirely depended upon the finalization of the loan agreement with the Development Bank of China.
Mr Mukanga adds that the securing of the project funds is subject to the Zambian government’s adherence to the preconditions of the bank to facilitate the signing of the loan agreement.
He states that this is cardinal for the delivery of the much needed road infrastructure which will accrue numerous economic and social benefits for the Copperbelt province and Zambia at large.
And Partnership for Maternal, Newborn and Child Health, Executive Director, Robin Gorna says the Partnership’s value proposition arises from its being the only platform that brings together all of the many Partners in the global health community focused on improving the health of women and children.
QFM
