Mining body applauds restructured $6.3 billion debt, says it will create access to cheaper capital

The Zambia Chamber of Mines (ZCM) president, Godwin Beene, says local businesses will now have access to a fairly priced capital, owing to the country’s debt deal under the G20 framework.

Beene said in a statement on Tuesday that this access would come about as global perceptions correct to align with the confidence that the Chamber membership and wider local mining industry had in government.

Zambia on Thursday last week clinched a US$6.3 billion debt treatment deal with its official creditors.

He stated that the agreement therefore sets in motion the process of availing Zambian businesses access to fairly priced capital as underscored by President Hakainde Hichilema.

“The Chamber President applauded the steadfast resolve that the government leadership has demonstrated in getting to this hard-won milestone.

“This access will come about as global perceptions correct to align with the confidence that the Chamber membership and wider local mining industry has that the new dawn government will continue to deliver on its commitment to availing an optimal investment environment over time,” Beene said.

He added that the agreement opened doors to further progress in availing the Zambian Treasury more room to apply resources to the restoration of broad economic growth to levels that spur tangible development at all levels.

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