€110 million to be invested in Great North Road
The European Investment Bank will provide concessional funding for the upgrading and expanding of the Great North Road in Zambia, it has been announced.
The EIB will provide a loan for the upgrading and expansion of 372kms of this key road; a regional integrator in the Southern African Development Community (SADC), as well as the Common Market for Eastern and Southern Africa (COMESA).
The loan for €110 million will upgrade and expand the Chinsali-Nakonde section of the Great North Road. The current state of repair on the road is impacting the transport of goods, slowing the distribution of goods and impacting on wear and tear costs for drivers.
Upgrading the road will improve the distribution of goods and facilitate quicker travelling times. It is further anticipated that local firms will benefit during the construction phase and the increased ease of movement may well lead to development in areas along the road, leading to growth of local businesses and the local economy.