World Bank Approves $270m for Zambia
The World Bank says it has approved a $270m loan to Zambia to help it recover from the effects of the coronavirus pandemic.
The loan was also meant to cushion the economic impact of the war in Ukraine and to manage its debt crisis.
In late 2020 Zambia became the first African country since the onset of the pandemic to default on its debt.
In August, the International Monetary Fund approved a $1.3bn loan to help Zambia a major copper producer restructure its debts.
The president of the World Bank, David Malpass has urged other creditors to help reduce Zambia’s debt.
BBC/CO
