Categories: Business Editor's Picks

HH asks Saudi Arabia to convert Zambia’s loan facility into grant

• Zambia and Saudi Arabia enjoy warm relations.

•The two countries already cooperate in areas of health, disaster management, agriculture, fertiliser and energy.

•There is need to relook at fuel and fertilizer deals between the two countries.

President Hakainde Hichilema has requested the Kingdom of Saudi Arabia to consider converting Zambia’s loan facility into a grant as the country restructures its debt.

Speaking when he met special envoy of Crown Prince Mohammed Bin Salman of Saudi Arabia Ahmed Kattan, and Ambassador to Zambia, Osamah Krenshi at State House today, President Hichilema has also stressed the need to relook at issues surrounding fuel and fertilizer deals between the two countries, so that Zambia can access the two commodities from Saudi Arabia in view of the ongoing political tension between Russia and Ukraine.

The Head of State said Zambia and Saudi Arabia enjoy warm relations and already cooperate in areas of health, disaster management, agriculture, fertiliser and energy.

“Today we hosted His Excellency Ahmed A A Kattan, special envoy of Crown Prince Mohammed Bin Salman of Saudi Arabia and the Ambassador to Zambia, His Excellency Osamah M M Krenshi. As we restructure our debt, we requested that Saudi Arabia considers converting Zambia’s loan facility into a grant,” President Hichilema said.

He thanked the kingdom of Saudi Arabia for its friendship and financial support over the years including the King Salman Bin Abdelaziz specialist hospital for women and children, which is currently under construction in Lusaka.

And President Hichilema endorsed Saudi Arabia’s bid for EXPO2030 and indicated Zambia’s intention to attend the event.

More From Author

World Bank urges Zambia to capture other benefits beyond mining sector

• World Bank is committed to supporting African countries to translate Africa’s mineral wealth into…

Read More

Kwacha gains should benefit consumers – BuyZed

• This is to ensure that consumers begin to enjoy what is produced locally.• Manufactures…

Read More

SEC attributes decline in Q4 bond trades to delayed debt restructuring process

• One of the challenges is to do with the delays in finalizing the debt…

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

ZRA commences mandatory pre-clearance of commercial goods

This is aimed at enhancing efficiency and improving the turnaround time in clearance and movement…

Read More

Zambia signs two Financing Agreements with EU, worth 110 million Euros

Government has increased funding to education from 8 percent to 14 percent. The EU has…

Read More

Authorities pounce on Precision Royal Beverages, arrest five for illegal production

This follows a joint operation conducted by ZCSA in collaboration with DEC, and others. The…

Read More