Announcement of IDA Approves Twenty-Five Million US Dollars Credit for Fifth Education Project in Zambia on May 24, 1982

• • I • ~· ~~ FOR. IMMEDIATE RELEASE - . • I ·•World Bank 1818 H Street, N.W., Washington, D.C. 20433, U.S.A.• Telephone: (202) 477-1234 IDA NEWS RELEASE NO. 82/77 Contact: Pushpa Schwartz May 24, 1982 (202) 477-5306 IDA APPROVES $25 MILLION CREDIT FOR FIFTH EDUCATION PROJECT IN ZAMBIA The International Development Association (IDA) has approved a credit of SOR 22.2 million ($25 million) for a fifth· education project in Zambia. The $39.2 million project, to be assisted by the World Bank's affiliate for concessionary lending, will support the Zambian government's program for expanding junior secon- dary education and providing educational opportunities in rural areas. Under the project, eight new junior secondary schools for 3,120 students will be constructed and equipped. To be built in rural areas, these schoois represent the first expansion of the secondary school system since the first Bank-assisted educa- tion project in 1969. The secondary schools are urgently needed to accommodate the large number of students graduating from the primary school system which expanded rapidly in recent years. \-The IDA credit will continue suppo~tin~'~h~-~fogram for maintenance of secondary schoo1s begun under the third Bank-assisted education project. The Norwegian Agency for International Development (NORAD) will continue to provide technical assistance for this purpose. The fifth education project was prepared by the Zambian government with the assistance of t~e United Nations Educational, Scientific and Cultural Organization ~nesco). Many development agencies, principally NORAD, the Swedish International Development Authority, the Aiab Fund for Economic and Social Development, the Canadian Inter- national Development Agency, and the Netherlands government, as well as the United Nations Development Programme·and Unesco, have provided significant support for education in Zambia. The IDA credit brings the total lending for education in Zambia from the World Bank to $69.1 million. The credit is for 50 years, including 10 years of grace; it bears no interest but carries a small annual service charge (0.5% on the undisbursed balances of the credit, and 0.75% on the disbursed balances.} NOTE: IDA credits are denominated in SDRs (Special Drawing Rights}, which are valued on the basis of a 11 basket 11 of currencies. The U.S. dollar equivalent of the SDR amount of the I DA credit reflects the exchange rates existing at the time of negotiation of the credit.