Finance and National Planning Minister Dr Situmbeko Musokotwane says the Zambian Government has welcomed the approval of a $270 million grant by the World Bank for improvement of transport and trade between Tanzania and Zambia under the Transport Corridors for Economic Resilience (TRACER) Project.
The Minister says the gesture by the World Bank is a powerful affirmation of the confidence that it has in not only development policies but also in the regional integration initiatives such as the TRACER Project that are pursued in collaboration with neighbouring countries.
The US$270 million GRANT also marks a significant commitment by the World Bank and the Zambian Government to improve connectivity to east African sea coasts and boosts regional trade and transport integration.
The TRACER Project will improve transport and trade facilitation along the corridor by rehabilitating the Serenje-Mpika section of the corridor, developing a One Stop Border Post at Nakonde, and converting the existing corridor into a SMART version.
This is according to a statement issued by the Office of The Secretary to the Treasury in the Ministry of Finance & National Planning.