Parliament has passed a bill authorising government to borrow K27.3 Billion from the African Development Fund to finance the implementation of phase 5 of the multi-national Nacala Road Corridor Development.

The corridor has been hailed as means to improve the standards of the country’s roads while also increasing revenue collection on transit goods transportation.

Last Friday, the August House tabled a bill that is seeking authority for government to borrow K 27.3 Billion from the African Development Fund. The money is meant to partly finance the implementation of phase 5 of the Multi-national Nacala Road Corridor Development project.

Minister of Finance and Economic Planning, Joseph Mwanamveka, said the project is targeting the entire Nacala road corridor from Lusaka in Zambia through Malawi to the Nacala port in Mozambique. He said this is the on-going Multinational Nacala Road corridor development which the African Development Bank and other development partners are already supporting in Zambia, Malawi and Mozambique targeting more than 2 million who are the corridor users from the three countries.