Announcement of World Bank and IFC Support Industrial Development in Zambia on February 12, 1976

..... FOR IMMEDIATE RELEASE •world Bank 1818 H Street, N.W., Washington, D.C. 20433, U.S.A. • Telephone: {202) 393-6360 BANK NEWS RELEASE NO. 76/9 · FEBRUARY 12, 1976 IFC NEWS RELEASE NO. 76/2 WORLD BANK AND IFC SUPPORT INDUSTRIAL DEVELOPMENT IN ZAMBIA A World Bank loan of $15 million to the Development Bank of Zambia (DBZ) will support the country's industrial development as part of the Gove·rnment's policy of diversifying Zambia's copper-dependent economy. The International Finance Corporation (IFC), an affiliate of the World Bank, will also invest an estimated $550,000 in the share capital of DBZ. This will corres- • pond to 9 percent of the DBZ equity reserved for private and foreign shareholders . The World Bank loan is intended to assist DBZ in meeting its foreign exchange resource gap through March 1978, so as to enable it to continue providing loan and equity financing for projects in industry, agricultural production and processing, and tourism. By October 1975, DBZ had approved over 30 projects totalling nearly $20 million both in private and public sectors of the economy. The World Bank loan is at 8-1/2 percent per annum. Repayments to the Bank will conform approximately to repayment received by DBZ on subloans financed out of Bank funds, not to extend beyond 15 years . • Note: Money figures are expressed in U.S. dollar equivalents.