Announcement of Highlights of the World Bank Group's Activities for Zambia in Fiscal 1974 on September 23, 1974

. - HOLiD FOR RELEASE INTERNATIONAL BANI{ FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIOJ\fAL DEVELOPMENT ASSOCIATION 1818 H STREET. NW WASHINGTON D. C .. 20433 TELEPHONE; EXECUTIVE 3-6360 For Pl:blicat,ion Monday, September 23, 1974 ZAMBIA HIGI:Il.IGHTS OF THE WORLD BANK GROUP'S ACTIVITIES DURING FISCAL 1974 LENDING IN EASTERN AFRICA EXCEEDS $408 MILLION Tr e largest loan ever made by the Bank to a country in sub-Sahara Africa -- $115 million for the Kafue project on a tribut·r.L. .f vf :he Zaml:>esi river -- went to Zambia during the fiscal year ended June 30, 19' · 1:~cco:n}·'.ng to the Annual Report of the ~ World Bank and the International Developmen~ ~~~Jciation (IDA), released today. Zambia was one of the few countries able to withstand the problems of the world's economic events. Because of Zambia's mineral resources - mainly copper - the country has benefitted from the rise in copper prices. Zambia earned $450 million more in 1973 than in the previous years. The report states that a loan of $115 million was made to Zambia to assist the Zambia Electricity Supply Corporation in financing the second stage of a hydroelectric project on the Kafue river. This stage includes the addition of 300 MW of capacity at the Kafue power station, the construction of a storage dam 155 miles upstream, and transmission facilities. The estimated total cost of the project is $164 million. Record Lending in Eastern Africa In addition to Zambia, twelve other countries in Eastern Africa -- Botswana, Burundi, Ethiopia, Kenya, Ma~~gasy Republic~ Malawi, Mauritius, Rwanda, Somalia, Sudan, ~ Tanzania and Zaire, borrowed funds for development projects during the year. The /more  -2- • report indicates that the Group's lending in the r\~.gion reached $408 million repre.- senting 30 Bank and IDA projects. This exceeds the previous year's commitments by $5.7 million. The funds are assisting development i;>rojects -- in addition to electric power -- in agricultural sectors, industry, population planning, telecommunications, transportation and urbanization. Details are set out in the attached table. New Field Offices During the year, according to the report, as part of the World Bank Group's policy of trying to facilitate further development and imi;>lementation of the Group's program of activities, the role of the field of fices in the Easte.rn Africa region has been enlarged and new Resident Mission offices have been opened. A Resident Mission was established in Zambia during the year at Lusaka. Mr. Hans Reichelt, a German national, took up his duties earlier in the year as Resident • Representative. Attachment -0- Note: Money figures are expressed in US dollar equivalents • •  INTERNATIONAL BANK FOR • RECONSTRUCTION AND DEVELOPMENT INTI~HNATIONAL DEVELOPMENT ASSOCIATION 1818 H STREET, NW. WASHINGTON D.C.20433 TELEPHONE: EXECUTIVE 3-6360 BANK LOANS AND IDA CREDITS APPROVED IN EASTERN AFRICA~ FISCAL 1974 Bank Loans IDA Credits Total Number Amomt Number Amount Number Amount - Botswana 2 $ 9.5 1 3.0 3 $ 12.5 $ Burundi 1 5.0 1 5.0 Ethiopia 3 !~3.4 3 43.4 Kenya 3 44.4 2 33.5 5 Tl. 9 • Malagasy Republic Malawi Mauritius 2 15.0 1 2 1 7.8 9.5 4.0 1· 2 3 7.8 9.5 19.0 Rwanda 2 10.1 2 10.1 Somalia 1 10.0 1 10.0 Sudan 3 38.7 3 38.7 Tanzania 2 26.0 2 23.5 4 49.5 Zaire 1 10.0 1 10.0 Zambia 1 us.a 1 115.0 10 $ 209.9 20 $ 198. 5 30 $ 408. 4 Note: M:mey figures are expressed in US dollar equivalents • •