by Omphile Ndlovu on 21 Sep 2019by Diggers Correspondent on 21 Sep 2019by Julia Malunga on 20 Sep 2019by Ulande Nkomesha on 20 Sep 2019
by Stuart Lisulo on 19 Sep 2019by Sipilisiwe Ncube on 19 Sep 2019by Julia Malunga on 17 Sep 2019by Stuart Lisulo on 17 Sep 2019
by Zondiwe Mbewe on 20 Sep 2019by Zondiwe Mbewe on 20 Sep 2019by Zondiwe Mbewe on 19 Sep 2019by Zondiwe Mbewe on 19 Sep 2019
- Goal Diggers
by Mazuba Muleya on 18 Sep 2019by Abraham Kalito on 17 Sep 2019by Abraham Kalito on 13 Sep 2019by Abraham Kalito on 13 Sep 2019
by Diggers Editor on 22 Sep 2019by Diggers Editor on 20 Sep 2019by Diggers Editor on 19 Sep 2019by Diggers Editor on 18 Sep 2019
- Guest Diggers
by Chisoni Mumba, PhD on 22 Sep 2019by Simon Manda, PhD on 16 Sep 2019by Simon Manda, PhD on 7 Sep 2019by pilAto/ Fumba Chama on 7 Sep 2019
- Editor's Choice
by Diggers Correspondent on 24 May 2019by Diggers Reporter on 4 Mar 2019by Andyford Mayele Banda on 29 Jan 2019by Davies Mwila on 22 Jan 2019
by Julia Malunga on 22 Sep 2019by Diggers Correspondent on 11 Aug 2019by Mukosha Funga on 27 Jul 2019by Mukosha Funga on 21 Jul 2019
Lungu begs Turkey for Eurobond fundingBy Diggers Reporter on 29 Jul 2018
A Turkish company has expressed interest in refinancing Zambia’s $750 million Eurobond falling due in 2022, President Edgar Lungu said on Saturday during talks with Turkey’s President Tayyip Erdogan.
Government, whose credit rating was downgraded by Moody’s on Friday, said in December last year that it would begin refinancing Eurobonds worth a total $3 billion in 2019 to reduce the cost of debt servicing.
During talks in Lusaka with the visiting Turkish president, President Lungu said that the firm would send representatives to Zambia in September to discuss details of refinancing.
“We urge you to take keen interest in this matter and encourage the company to pursue this deal without hesitation,” Lungu told Erdogan during the meeting held at State House, but gave no details about the company that he was referring to.
As well as the $750 million Eurobond, Zambia has a $1 billion Eurobond due in 2024 and another $1.25 billion Eurobond which will be due for repayment in 2027.
Ratings agency Moody’s on Friday downgraded Zambia’s long-term issuer ratings to Caa1 from B3 and maintained a stable outlook, reflecting ongoing fiscal consolidation challenges.
The International Monetary Fund in February rejected Zambia’s borrowing plans, saying they risked making it harder for the southern African country to sustain its debt load.
And President Lungu said Zambia would study how Turkey has managed to develop its economy in its quest to be a middle income country by 2030.
He urged Turkish companies to take advantage of Zambia’s conducive atmosphere and political stability to invest in the country.
“The market for products in Zambia is readily available both locally and abroad because of the country’s central location in the region,” President Lungu emphasized.
The President said in order to boost agriculture, the country had identified a farming block totaling 1,000 hectares of land for livestock farming and fisheries.
He further paid gratitude to Turkey for the role it was playing in promoting peace.
“I know that your country is hosting 3 million refugees especially from Syria at a great cost which is not easy while, Zambia is struggling to host just 73,000 refugees from war torn neighboring countries,” President Lungu said.
He described the state visit by Turkish President as historic, adding that Zambia would take advantage of the visit to enhance collaboration between the two countries.
And Turkish President Recep Tyip Erdogan said that his country could aid Zambia to diversify its economy and achieve the goals of the Seventh National Development Plan (7NDP).
President Erdogan also reiterated Turkey’s commitment to cooperate with Zambia in various economic fields for the benefit of the two countries.
He said Zambia stood out to be a model for the entire continent in the establishment of democratic institutions and peace, adding that by December this year, Turkish airline would start flying direct from Turkey into Zambia.
“We can do a lot together, we can build dams which can provide safe drinking water, energy generation and for agriculture purposes,” President Erdogan said.
And Zambia has signed twelve memorandums of understanding with the Turkish government in various fields that included an agreement which aims to establish the program coordination office of the Turkish Cooperation and Coordination Agency (TIKA), which was signed by Foreign Affairs Minister Joe Malanji.
Others were agreement on mutual obligation of visas for holders of diplomatic passports, agriculture, Fisheries and livestock, promotion and protection of investments, tourism and arts, youth and sport and the field of media.
President Erdogan is the first Turkish President to visit Zambia.
About Diggers Reporter
The Diggers Reporter brings you all the latest news.
- Screening reveals increased lung infection among miners – Musukwa - 20 Sep 2019
- 4 Zambian trucks hijacked in SA - 15 Sep 2019
- Robert Mugabe dies aged 95 - 6 Sep 2019
- FAZ calls off Zambia vs SA friendly - 3 Sep 2019
- Zambia has given us a good environment for business – Orca Deco - 3 Sep 2019
- Thanks to Goswami, Lungu’s chickens are coming home to roost (3,442 views)
- PF need a miracle to pass Bill 10 – Nkombo (1,415 view)
- More North Korean Diplomats Caught Smuggling Animal Parts From Africa (1,007 view)
- Lungu’s continued association with Findlay damaging the Presidency - KBF (981 views)
- It’s against separation of powers for Parley to supervise executive - PF (906 views)
- The Type of Permanent Secretary we Need in the Ministry of Fisheries and Livestock
- Zambians have now turned to charcoal, forests are depleting
- Evicted from govt house with no benefits after 40yrs of service
- More North Korean Diplomats Caught Smuggling Animal Parts From Africa
- Solwezi man wins K67,147 from K5 bet
- Thanks to Goswami, Lungu’s chickens are coming home to roost
- HH shouldn’t be moving around like a cockroach in the kitchen - Bowman
- Zesco tariffs to go up by 75%, we also need to revise fuel prices - Minister
- Germany ambassador offers to help FAZ find a coach
- Airtel agent in court for defiling wife’s sisters
Subscribe For News In Email
The News Diggers
Deputy News Editor
Plot No. Lus/9812/649-MC8
off Alex Chola Road
P.O. Box 32147
Telephone or WhatsApp:
diggers [at] diggers [dot] news
editor [at] diggers [dot] news
Send this to a friend