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Saturday, 14 March 2009

From grants to loans?

It appears that the Ndola Stadium Project which was previously sold as an 100% grant agreement from the Peoples Republic of China to Zambia for $60m apparently includes $20m loan to Zambia. Does anyone really know how much we now owe the outside world (my last count was $2.2bn) ? :

State Anhui sign contract for stadium, Robinson Kunda, Daily Mail

The Zambian government and Anhui Foreign Economic Construction company of China yesterday signed the contract for the construction of the ultra -modern stadium in Ndola.

Minister of Finance and National Planning Situmbeko Musokotwane signed on behalf of the Zambian government while Hua Cheng Long, who is vice- president for Anhui Foreign Economic Construction Limited, signed on behalf of his company.

The signing ceremony took place at the Ministry of Finance and National Planning offices in Lusaka.
Musokotwane said the Zambian government was committed to ensuring that the stadium in Ndola was completed in time. He said the project in Ndola would promote sport in the country adding that the town was primed to become the centre of international sports activities.

The minister said it was good that after many years of discussions, the project would finally take off. Musokotwane said the project would promote bi-lateral relationship between Zambia and China. “On our side, we are very committed and we don’t want to face any delays. If the constructors face any roadblocks, please inform us,” he said.

Musokotwane said the project would provide employment to people on the Copperbelt, especially following the closure of some mining companies. He said the company that has been contracted to build the stadium was renowned for its quality work. He appealed to the businessmen to consider building hotels within the vicinity of the stadium so that the visiting teams could be accommodated there.

And Chinese Ambassador to Zambia Li Qiangmin said the stadium would help improve sports standards in the country. Li said the project would strengthen the already existing cordial relationship between Zambia and China.

He said Anhui Foreign Economic Construction Company was a reputable company that has undertaken major construction projects around the world and would do a good job.

Qiangmin said the stadium would provide an opportunity for the youths in Zambia to enjoy sports. He said the fact that President Banda had invited the national team to dinner at State House was an indication that he loved sport. He paid tribute to the late President Mwanawasa for his commitment towards the project.

And Hua said the construction of the stadium was expected to start by June. He said his company would take about 26 months or less to finish the construction of the 40, 000 seater stadium. Hua explained that his company would soon start transporting materials and experts from China.

2 comments:

  1. Stadiums can be a boost to the local economy, especially the area surrounding the stadium if it has restaurants and shops.

    ReplyDelete
  2. it goes without saying that as deals go, ignoring the debt issues, this is certainly something worth having...though maintenance will be crucial...but as a piece of infrastructure it could help revitalize Ndola...

    ReplyDelete

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