Zambia has signed two syndicated loans exceeding 100 million U.S. dollars with two African banks to help local enterprises grow and participate in the country's economic development, Daily Mail reported on Tuesday.
The facilities, totalling 130 million dollars, are jointly provided by the Africa Export-Import Bank and The Eastern and Southern African Trade and Development Bank (PTA Bank) , according to Daily Mail.
Bank of Zambia governor Caleb Fundanga was quoted as saying that 50 million dollars is for Zambian mining services companies while the rest goes to the Export Fund of Zambia.
Fundanga said the 50-million-dollar facility will enable local mining services operators engage in contract mining, extract and transport copper ore from the pits to the smelting plants.
The remaining 80 million dollars that go to the Export Fund of Zambia will boost non-traditional exports and reduce dependency on revenues from the mining sector, the central bank governor added.
Source:Xinhua
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