Business

Zambia to benefit from €7m SIDA funds

KELLY NJOMBO, Lusaka
ZAMBIA is among countries expected to benefit in capacity building from a €7 million venture by the Swedish International Development Co-operation Agency (SIDA) through private sector investment.
According to a statement availed to the Daily Mail recently, the funds will be received under the project dubbed, “Innovations against Poverty – Phase II” (IAP2) which is expected to benefit four million people from Zambia, Cambodia, Uganda, and Ethiopia.
The IAP2 project which will be funded by the SIDA and implemented by SNV, a Netherlands development organisation is also expected to contribute to the development, delivery of new, improved products and services that will create business opportunities as well as income generation.
“SIDA has pledged a €7.4 million-fund to the IAP2 four-year programme that will foster social innovation and stimulate the private sector to focus their efforts on innovative skills and resources on developing and investing in social products, systems and services that contribute to alleviating poverty.
“Private sector development has proven to be a strong catalyst in creating opportunities for people to lift themselves out of poverty,” the statement reads.
The project offers significant scope for entrepreneurship and private sector development to make an impact on poverty relief, but to fulfil this potential, an enabling environment and inclusive approach towards business development are paramount.

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