Lusaka - Zambia has turned to China for financial help because of its attractive interest rates, President Rupia Banda said on Thursday.
"We need financing at concessionary rates where possible to build the necessary infrastructure," Banda told IMF managing director Dominique Strauss-Kahn during his visit.
"This is among the reasons we have looked to China for support," he added.
Relations between China and Africa's top producer of copper have flourished over the last five years.
Banda last week concluded his 10-day state visit to China, coming back with a $1-billion loan.
In June 2009, China Nonferrous Metals Company purchased a Zambian copper mine for $50-million and has announced plans to invest up to $400-million in the nation's mining sector.
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Last month, the two countries signed a mining agreement and a deal to set up a joint economic zone.
Banda told Strauss-Kahn that Zambia had weathered the global recession well because of government's sound economic policies.
"When most of the economies around the world experienced a contraction, the Zambian economy grew by more than 6.0 percent," said Banda.
"Other economic indicators such as inflation, interest rates, exchange rates, debt sustainability rations and others equally improved," he added.
Zambia's major foreign exchange earner is copper, accounting for 80 percent of its export earnings. - Sapa-AFP
