Announcement of World Bank Approves Thirty Million Dollars Loan to Zambia on September 9, 1976

•World Bank 8 H Street, N.W., Washington, D.C. 20433, U.S.A. • Telephone: (202) 393-6360 BANK NEWS RELEASE NO. 77/15 September 9, 1976 WORLD BANK APPROVES $30 MILLION LOAN TO ZAMBIA The World Bank today announced a $30 million loan to help releive Zambia's current economic problems and assist the country's efforts to diversify its economy. In addition to short-term measures, the Zambian Government has initiated policies and programs to broaden the base of the economy and make it less dependent on copper. Greater emphasis will be placed on improving the agriculture and on rural development. Apart from diversifying the economy, these programs will strike a better balance between the urban and rural sectors. • The new World Bank loan is important to the Government's develop- ment strategy. It will help finance the imports of essential capital and intermediate goods required to maintain a reasonable le\el of production in the economy. It will also help support the Government's investment program in key development sectors. The loan is repayable in 17 years, including 3-1/2 years of grace, and carries an interest of 8.90% per annum. NOTE: Money figures are expressed in U.S. dollar equivalents . •