By Angela Moonga
The Government of the Republic of Zambia and AVIC International Project Engineering Company (AVIC International) signed an Amendment Agreement on January 13, 2026, relating to financing contracted for the Lusaka Urban Roads Programme under the L400 Phase II and Phase III projects.
In a statement issued by the Office of Secretary to Treasury, the Ministry stated that this step formed part of Zambia’s ongoing external debt restructuring process under the G20 Common Framework for Debt Treatment, and reflected the government’s commitment to orderly, transparent, and good-faith engagement with its external creditors.
In January 2017 and November 2018, the Government entered into Financing Agreements in the amounts of US$36,177,000.00 and US$36,165,913.20, respectively, to support the construction and rehabilitation of selected Lusaka urban roads under L400 Phase II and L400 Phase III.
”Following a transfer by the original lenders, AVIC International, as the contractor on the projects, assumed the outstanding debt associated with the financing. The resulting Debt Restructuring Agreement in the amount of US$56.3 million constitutes the first Amendment Agreement in respect of these obligations and is being implemented within a sequenced approach aimed at addressing outstanding amounts owed to AVIC International, in an orderly manner,” the statement read in part. “The Government of the Republic of Zambia expresses its appreciation to AVIC International for its continued cooperation and partnership, and reaffirms its commitment to maintaining transparent and constructive relationships with all its creditors as Zambia advances its broader debt resolution and macro-fiscal sustainability agenda.”
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