Germany agreed on Tuesday to write off â,¬187-million (about $211-million) in Zambian debt to help boost development in the poor African country.
Erich Kristof, the German ambassador to Zambia, said the amount written off represented 100% of the debt Zambia has incurred from Germany over the past decade.
The move aims to assist Zambia in implementing development strategies in accordance with an international initiative to help relieve the burden on many poor countries.
Kristof added that his country fully supports Zambia in its struggle toward sustainable growth and development. Zambia is currently categorised by the World Bank as a heavily indebted and poor country. Finance Minister Emmanuel Kasonde said the money saved would be used to try to remove Zambia from this category.
”This cancellation has assisted the Zambian government by easing the pressure on the limited scarce resources available,” Kasonde said. Zambia owes the international community more than $7,6-billion. – Sapa-AFP