China Eximbank provides $86.1 million concessional loan for National Heroes (or Lusaka National) Stadium Construction Project (Linked to Record ID#85186)

Project narrative

In July 2010, China Eximbank and the Government of Zambia signed an $86.1 million concessional loan agreement for the National Heroes (or Lusaka National) Stadium Construction Project. The loan reportedly carried a 10 year grace period and a 20 year maturity. Its interest rate is unknown. The project involved the construction of the National Heroes Stadium and the reconstruction of the old Independence Stadium in Lusaka. National Heroes Stadium is a multi-purpose facility that can accommodate more than 50,009 spectators. It has a football pitch, a running track, two gymnasiums, four dressing rooms, four VIP lounges, shops, booths, car parks, media rooms, conference rooms, meeting rooms, a police station, a medical room, an anti doping center, massage rooms, and offices. The Zambia Electricity Supply Corporation (ZESCO) supplied power to the site. Shanghai Construction Group was the contractor responsible for project implementation. The contract specified that works would commence on July 6, 2011 and end on January 6, 2014. A formal groundbreaking ceremony took place on January 10, 2011. Construction began on July 6, 2011 and ended on October 30, 2013. It was officially handed over to the Government of Zambia's Ministry of Youth and Sport on June 2, 2014.