Finance Minister says Zambia's economy on the move as seen with the oversubscribed bond

April 11, 2014 - Finance Minister Alexander Chikwanda says the recently oversubscribed bond is proof that international investors have confidence in the Zambian economy.

Mr. Chikwanda observed that the oversubscribed bond is an indication that government was on the right track and had the confidence of key stakeholders.

About 56% of the 1billion United States Dollar bond was sourced in the U.S.

The Minister was speaking in Washington DC when he and his Local Government and Housing counterpart Hon. Emmanuel Chenda and their delegations called on Zambia's Ambassador to the United States Palan Mulonda.

Mr. Chikwanda observed that government is determined to move Zambia's economy to the next level so as to eradicate poverty in the nation.

Mr. Chikwanda says the oversubscribed bond was irrefutable testimony and affirmation that the economy of the country is headed in the right direction.

The Finance Minister said the oversubscribed bond could be in part attributed to the work undertaken by Zambian Mission in Washington DC.

He commended the Mission for instilling confidence in investors by marketing the country as an investment destination.

And also speaking during the courtesy call, Local Government and Housing Minister Emmanuel Chenda said his mission to the high level meeting on water and sanitation in Washington DC was to share and learn from the best practices especially those on the African continent.

Mr. Chenda, who was recently in the Columbian capital Bogota where he attended a meeting on housing, said the two meetings were critical as Zambia was facing challenging of urbanization.

The Minister observed that it is crucial for local authorities to take stock and manage the challenges of urbanization adding that if left unchecked this would result in a disaster.

And in welcoming the two delegations, Ambassador Mulonda congratulated the Minister of Finance and his delegation for the oversubscribed bond.

Ambassador Mulonda commended the Ministry of Finance and the Bank of Zambia for successful road shows were they successfully marketed Zambia.

He was happy to note that the US had once again contributed the highest amount in terms of subscription.

Issued by
Patricia Littiya
First Secretary (Press and Public Relations)
Embassy of the Republic of Zambia
Washington, DC