By Jane Chanda
Minister of Finance and National Planning Dr. Situmbeko Musokotwane says Zambia has signed two significant agreements with the Saudi Fund for Development (SFD), marking a major milestone in the country’s efforts to enhance development and foster financial stability.
The minister said the agreements included an additional loan of $100 million for the King Salman Hospital project, which would provide essential healthcare services to the Zambian people, and a bilateral debt restructuring agreement between the Government of Zambia and the SFD, valued at $1.2 billion.
According to the statement issued to the media yesterday, Dr. Musokotwane was speaking during the signing ceremony, where he welcomed Sultan Bin Abdulrahman Al-Marshad, CEO of the SFD and its esteemed delegation.
Dr. Musokotwane highlighted the strength of their partnership and the unwavering dedication of the SFD to Zambia’s progress.
“The additional loan for the King Salman Hospital project further solidifies our shared vision of improving healthcare in Zambia,” Dr. Musokotwane stated. This state-of-the-art hospital, nearing completion, will specialize in maternal and child healthcare and serve as a regional referral hub.”
He stated that the bilateral debt restructuring agreement was a significant milestone, formalising Zambia’s commitment to restructuring its debt, ensuring fiscal sustainability, and fostering economic growth, noting that the agreement was a result of constructive dialogue and collaboration between Zambia and the SFD.
Dr. Musokotwane noted that the debt restructuring journey had been challenging but rewarding, and that the agreement was not just a financial milestone but also a symbol of trust and partnership that would inspire confidence in other creditors as Zambia moved forward.
“The agreements we sign today provide a foundation for continued collaboration, highlighting Zambia’s potential to contribute to global conversations on debt restructuring and financial stability,” he stated.
The minister also stated that the SFD had a history of providing financial support to developing countries, with over 700 development projects and programs implemented in 87 countries worldwide.
Dr Musokotwane further expressed gratitude to the leadership of SFD, particularly Abdulrahman Al-Marshad and his team, for their dedication and support.
“Today’s agreements mark a significant milestone in Zambia’s development journey,” Dr.Musokotwane said. “I would like to extend my deepest gratitude to everyone involved in these agreements for their unwavering commitment to Zambia’s development.
“Together, we are shaping a brighter and more prosperous future for our nation,” he added
