Business

AfDB to increase funding to Zambia

LUSAKA City.

KALONDE NYATI, Lusaka
AFRICA Development Bank (AfDB) is developing the next country strategy for Zambia that will result in the bank increasing its funding to various infrastructure projects in 2016-2020.
AfDB designate country representative Damoni Kitabire said the bank which has been funding various infrastructure projects and financing Zambia’s private sector, has observed that the country has various infrastructure needs and will continue to support the country’s growth agenda.
“AfDB is looking forward to increased partnership with both the public and private sector, to foster economic development in the country.
“In that regard, we are currently developing our next country strategy [and] the strategy will continue to support Zambia with financing infrastructure where we still see huge needs,” he said during a stakeholders’ breakfast meeting yesterday.
Mr Kitabire said the new strategy is also expected to increase funding to the private sector and the development of enterprises in rural and urban areas.
AfDB is currently supporting Zambia and other African countries in public infrastructure projects such as roads, rail, energy and water and sanitation.
Mr Kitabire said Zambia’s transition to a middle income country, positions the country to access funding through various trust funds such as the middle income country technical assistance grants and the sustainable energy fund for Africa.
“With Zambia’s recent transition to middle income country, new avenues are open not least for more private sectors financing to transformational projects, corporate loans or lines of credit to the commercial banking sector,” he said.


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