Zambia has received US$24million concessional loan for budgetary support for 2009 and 2010 from the African Development Bank ADB.

The loan agreement was signed in Lusaka yesterday by ADB's resident representative, Vivienne Apopo and Zambia's Minister of National Planning, Situmbeko Musokotwane.

The duo also signed the financing agreement for the Africa Legal Facility.

“The specific goal of these funds is to contribute to economic growth and poverty reduction through the provision of an enabling environment for private sector development.

The funds will be disbursed in two tranches of equal amounts. One tranche will come in 2009 and the other will come through in 2010.”

The African Development Bank (ADB) is a development bank established in 1964 with the intention of promoting economic and social development in African countries.

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