|March 11, 2004
World Bank grants US$50 million credit for infrastructure
The World Bank's Board of Directors has approved a Credit of US$50 million to assist the Government of Zambia to restore and expand the country's road network. The credit is on standard International Development Association (IDA) terms, with a commitment fee of 0.5%, a service charge of 0.75%, and a maturity of 40 years, including a 10-year period of grace.
The Road Rehabilitation and Maintenance credit should help develop and maintain institutional capacity for the efficient, equitable and financially sustainable management of public road infrastructure and safety. The proposed project should also help preserve the public core road network and extend urban and rural transport infrastructure and services for increased accessibility. It will also focus on routine and periodic maintenance, and rehabilitation of roads and bridges as defined under the road priority program. Activities under the project will strengthen the management capacity of the road sector and improve efficiency of the sector institutions in the areas of financial and contract management. (World Bank, Washington DC)