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Tuesday, 14 February 2017

Africa: Zambia Hails European Bank's Plans to Open Office

The Zambian government said Tuesday that the plan by the European Investment Bank (EIB) to set up an office in the country was a clear endorsement by Europe that Zambia was one of the best investment destinations in Africa. Minister of Finance Felix Mutati, who has just returned from a tour of some European countries to strengthen economic cooperation, said the European bank promised to set up an office in Zambia by the third quarter of 2017. According to him, the coming of the European bank will improve the country's credit-rating bench mark. The Zambian delegation held a seminar with the European bank during the visit to the EIB headquarters, during which EIB Deputy Director Patrick Walsh said significant progress will be made to establish an office in Zambia due to the bank's growing investment portfolio in the country. Zambia will become the 6th country in Africa to host an EIB country office after South Africa, Kenya, Ethiopia, Ivory Coast and Cameroon. Meanwhile the bank is in the process of arranging blend finance comprising loans and grants to Zambia totaling 320 million euros this year, the statement added.

Source: All Africa