The Daily Mail on the trip to China :
President Banda has attracted investment worth US$1 billion from his recent trip to China. The money will be used to support various priority infrastructure projects, which will see the creation of at least 4,000 jobs. During a Forum on China-Africa Co-operation (FOCAC) summit in Beijing in 2006, Chinese President Hu Jintao committed US$10 billion to support Africa. In an interview, Minister of Commerce, Trade and Industry Felix Mutati said out of the US$10 billion committed to Africa, the Zambian government signed a number of memoranda of understanding (MOU) with commitments amounting to US$1 billion.The Times version of the same story, but more accurately :
Zambia has secured a concessional loan of US$ 1 billion from the government of China for investment in development projects in hydro power, housing, road infrastructure and other sectors. Commerce, Trade and Industry Minister Felix Mutati said in an interview in Lusaka yesterday, in addition to the US$ 1 billion, the government of China agreed to give Zambia a grant of US$10 million for use of whatever purpose needed for the completion of the Ndola stadium. Mr Mutati said Zambia was able to secure the US$1 billion because it was the first African country, with a high powered delegation to visit China after the Forum for Africa China Cooperation (FOCAC).For those tracking Zambia's external debt position, it currently stands at $2.3bn, government external debt is around half that. The $1bn raises external debt to around $3.3bn and rising. That is nearly roughly Zambia's external debt around the time we went into HIPC. Little wonder that some NGOs are worried.