Zambia recently borrowed $14 million from Kuwait in order to set up a new teacher training college in North-Western Province. The loan agreement will last 24 years, preceded by a 4 year grace period. The project is expected to commence this year and complete end 2015 / early 2026 at a total cost of $20 million. Government is funding the other $6m through other means. (Source : Lusaka Times)
Zambia plans to become the first African government to tap global capital markets in 2014, providing an important test of investor demand for the continent's debt.
Deutsche Bank and Barclays are organising meetings with investors in the US and London this week and next ahead of a probable US-dollar denominated bond sale, which would break the lull in African sovereign issuance so far this year.