Zambia's never ending borrowing frenzy continues under the new government without parliamentary oversight.
First we had the announcement that Government has signed a US$50 million loan agreement with the World Bank for "livestock development and animal health project".
Separately, the World Bank informed us that it had approved another US$60 million credit to Zambia as part of an effort to reinforce the existing electricity transmission network and increase Zesco’s power transfer capacity to Kafue town and the Southern Province. The development objective of the project is apparently to "improve the reliability of Zesco’s regional power trade transmission network infrastructure along the Kafue Town – Muzuma – Victoria Falls corridor".
The World Bank loan was clearly not enough because Government also is borrowing US$30 million from the European Investment Bank (EIB) for upgrading of the same power transmission line. No one knows whether this is the end of the borrowing for the power project because no one has told the terms of the loans or how much money is being raised in total. To be fair to Mr Chikwanda, no one is asking for an explanation!