Zambia Finalizes Debt Agreements With Saudi Arabia For Healthcare Advancement
Date
12/27/2024 12:08:26 AM
(MENAFN- Nam News Network)
LUSAKA, Dec 27 (NNN-AGENCIES) - The government of Zambia has formalized a debt restructuring agreement with the Kingdom of Saudi Arabia under the G20 Common Framework for Debt Relief. Alongside this, a supplementary loan of $35 million has been secured to complete the King Salman Bin Abdulaziz Hospital project.
Minister of Finance and National Development, Dr. Situmbeko Musokotwane, emphasized that the agreement showcases the commitment of both nations to Zambia's economic growth through prudent debt management and fiscal sustainability.
Dr. Musokotwane highlighted that the additional funding for the King Salman Hospital underscores a shared vision to improve healthcare services in Zambia. The state-of-the-art facility, nearing completion, is set to be a regional hub specializing in maternal and neonatal healthcare, benefiting not only Zambians but also neighboring countries.
“This bilateral debt restructuring agreement under the G20 framework formalizes our collective efforts toward Zambia's debt sustainability and economic progress. We appreciate the collaboration with the Saudi Fund for Development and their leadership,” he said.
He added,“The additional loan for the King Salman Hospital project reaffirms our shared dedication to enhancing Zambia's healthcare infrastructure. Once completed, the hospital will stand as a center of excellence for maternal and child health services and a regional referral point.”
Dr. Musokotwane clarified that the $35 million loan extension was approved by Parliament in 2023 as part of the 2024 budget, remaining within Zambia's debt affordability parameters.
Representing Saudi Arabia, the CEO of the Saudi Fund for Development (SFD), Sultan Al-Marshad, described the King Salman Hospital as a symbol of the mutual commitment to providing quality healthcare in Zambia. He noted that the project would create jobs and significantly contribute to the improvement of Zambia's healthcare system and economic growth.
Al-Marshad also underscored that the agreements mark a continuing partnership between the two nations and represent hope for Zambia's development.
With the additional funding, the total debt for the hospital construction now stands at $135 million. - NNN-AGENCIES
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