May 22, 2007

56 Million US$ for poverty reduction programmes

The African Development Fund, a financing entity under the African Development Bank (AfDB), has given Zambia about US$56 million to support the Southern African country's poverty reduction programmes as well as water projects. Zambia's Finance Minister Ng'andu Magande signed two loan agreements and a grant with the ADF to secure the funding during the just-ended annual meeting of the AfDB held in Shanghai, China. Magande signed a loan agreement of US$31 million with the ADF for the country's Poverty Reduction Budget Support (PRBS). The minister also signed a US$23 million loan agreement for the National Rural Water and Sanitation Programme, the spokesperson disclosed. He said the support to the water programme was expected to contribute to increasing access to safe and reliable water supply and sanitation facilities in rural communities. The third agreement signed between the two sides was a grant of US$2,2 million towards the study on the construction of a bridge linking Zambia and Botswana, Kandeta said. (The Herald, Harare)

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