MINISTRY of Transport and Logistics Permanent Secretary Fredrick Mwalusaka says the Drug Enforcement Commission (DEC) should take interest in how the Eurobond was used because Zambia’s railway system is not in a state it should be.
Mr Mwalusaka said in an interview yesterday from Tanzania that Zambia’s railway network is not impressive compared to countries like Tanzania, which has modernised its grid.
“If the Eurobond was purely used for the intended purpose, our rail system could not have been in this state. Let DEC or the ACC (Anti-Corruption Commission) take up the matter and establish where the money went,” he said.
Zambia successfully issued two Eurobonds amounting to US$1.750 billion in total.
The country issued its debut 10-year US$750 million international sovereign bond in September 2012. The Eurobond issuance was oversubscribed by more than 15 times.
This led the country to increase the initially planned amount of US$500 million to US$750 million, with the excess funding allocated to additional investment projects.