Business Headlines

WB to fund $19m agro-project

Rice field.

TH E World Bank plans to invest about US$19 million in Zambia’s agriculture sector this year.
The World Bank, through its political risk insurance and credit enhancement arm, the Multilateral Investment Guarantee Agency (MIGA), is also looking at possibilities of supporting a road project in Zambia at a cost of US$250 million.
MIGA global head of agribusiness and general services Nabil Fawaz said the agency is supporting projects in the agribusiness sector including grain cultivation, milling, livestock and fisheries.
Mr Fawaz said MIGA will continue financing projects aimed at enhancing agribusinesses and value-chain assets in the country.
In response to a query, Mr Fawaz said the agriculture industry is important in helping the country reduce poverty and support economic growth.
“I supervise the agribusiness, manufacturing and services sectors at MIGA. Under this unit, presently we have six investments that we are supporting for a total value of US$102.2 million. One project is in the manufacturing and services space where the project company Hitachi provides services to the mining sector by supplying and repairing earth moving equipment.
“The second project in the aquaculture sector is with Yalelo Limited which is contributing to the food safety of Zambia by growing local tilapia fish and our support is for about US$3 million,” he said.
Mr Fawaz said MIGA is currently supporting three projects in the agriculture sector at a cost of US$86 million.
“The three projects are in the agriculture sector, two of them growing wheat, maize and soya, and the third is a ranching project. The three projects total an investment of US$86 million,” he said.

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