Announcement of World Bank Approves Fifteen Million Dollars Loan to Development Bank of Zambia on December 4, 1980

• • • a. .. FOlt. IMMEDIATE RELEASE , eNorldBank 1818 H Street, N.W., Washington, D.C. 20433, U.S.A.• Telephone: (202) 477-1234 BANK NEWS RELEASE NO. 81/30 December 4, J980 WORLD BANK APPROVES $15 MILLION LOAN TO DEVELOPMENT BANK OF ZAMBIA The World Bank has approved a $15 million loan to the Development Bank of Zambia. The loan wi11 be used to support the development bank's efforts to promote medium- and 'large-scale industrial, agro-industrial, and agricul- tural enterprises. The World Bank loan will provide foreign exchange for maintaining and exp2nding productive capacity in the country, especialiy of agricultural and agro-industrial firms that would support the national effort towards achieving self-sufficiency it food production. As a result of the loan, more than $48 mi 1 lion in total investments wi 11 take place and some 1,800 new jobs will be created. The Development Bank of • Zambia ~vi 11 also be strengthened as an institution. The loan is the World Bank's second operation to assist the Development Bank of Zambia. Earlier, in 1976, the World Bank approved a loan of $15 mi 11 ion to the institution. The World Bank loan to the Development Bank of Zambia is guaranteed by the Government of Zambia. It is for 20 years, including a grace period of 5 years, with interest at 9.25% per annum. NOTE: Money figures are expressed in U.S. dollar equivalents . •