AfDB approves US$23mn loan to Zambia for lake redevelopment

laketanganyika-fabulousfabs-flickrThe Lake Tanganyika is the second largest freshwater lake in the world. (Image source: Fabulousfabs/Flickr) The African Development Bank (AfDB) has approved a loan of US$22.49mn to Zambia for the development of Lake Tanganyika

In addition to AfDB’s loan, the Global Environment Facility (GEF) is contributing US$7mn and the Zambian government is committing US$190,000 to the project as well.

Lake Tanganyika is the second largest freshwater lake in the world, and is divided between Tanzania, Zambia, DR Congo and Burundi. As part of Zambia’s Vision 2030, the redevelopment project aims to promote sustainable and equitable management of the lake’s natural resources and boost the livelihood of the locals, said AfDB in a statement.

The redevelopment of the lake would help implement the amended Sixth National Development Plan, which covers 2013-2016 to facilitate and accelerate economic growth in Zambia.

Specifically, the Lake Tanganyika project would be implemented over a five-year period in the districts of Mpulungu and Nsama. The Zambian government would promote economic infrastructure and agricultural progress in the area.

Earlier in 2014, the government of Zambia received a grant from the NEPAD Infrastructure Project Preparation Facility (NEPAD-IPPF) to implement the Lake Tanganyika Transport Corridor Project and analyse the feasibility of developing the Mpulungu Port, revealed AfDB.

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