Minister of Housing and Infrastructure Development Ronald Chitotela has revealed that the construction of the Kenneth Kaunda International Airport (KKIA) is progressing well.
Mr. Chitotela said the design and construction of KKIA is at a total contract sum of 360 million United States Dollars provided by the Exim Bank of China.
He stated that out of the $360 million over $250 million has so far been spent on various project items.
The Minister said this when he presented a ministerial statement in Parliament today.
ZANIS reports that Mr. Chitotela said with regard to the terms of the loan, the maturity period of the loan facility is 240 months or 20 years with a grace period of 84 months or 7 years while the loan is expected to be repaid within a period of 13 years.
He further stated that the applicable interest rate on the loan is 2 percent per annum while the rate applicable for the management fee is 0.25 percent while the rate for the commitment fee is also 0.25 percent per annum.
Mr. Chitotela explained that the project will continue to contribute to employment creation.
He disclosed that as of end of January 2018, the total number of Zambian employees on the project was 1185.
Mr. Chitotela noted that the project is poised to provide impetus towards industrialisation and transformation of Zambia into a transport hub in the region and beyond.