For strength it works even if you walk very slowly
For cardio I think you need to get into zone 1 (>60% of max HR)
If you run 60km/wk it will be no problem to walk fast enough to exceed >60% of max HR and still enjoy the walking. With a 20kg bp it is hard to NOT exceed it at least if the terrain is not flat.
I once did a lot of golfing, carrying the bag. I was amazed how little running I needed to be in a decent shape for racing. That proved that walking with extra weight can be more effective than anticipated. I did not walk as briskly as I would recommend you so obvisously even lower intensity has an effect. I could not call walking efficient (it takes a lot of time), but it is obviously effective.