Metro

US earmarks $10m concessional loan to Zambian enterprises

Published

8 months ago

March 27, 2024

About 260 Small and Medium Scale enterprises in Zambia will benefit from $10 million concessional loans by the United States government.

This was revealed by some US Senators who met with President Hakainde Hichilema in Lusaka on Tuesday on the sidelines of a meeting to learn more about the impact of US government investments and programmes in the country.

US Senator Patty Murray who led the delegation that met with Hichilema said the funds would be made available by the International Development Finance Corporation (IDFC) and would be used as concessional loans for the enterprises to expand their storage and production capacity for maize and soya beans.

Murray added that the loan would also improve production of other nutritious and affordable consumer food products, thereby strengthening food security in the country which is currently being ravaged by devastating drought.

“The loan facility was a follow up to the earlier support from the U.S. Agency for International Development, last month at the Partnership for Global Infrastructure and Investment Lobito Corridor Private Sector Investment Forum in Zambia,” Murray said.

The delegation, which had Senators Christopher Coons, Gary Peters, Catherine Cortez Masto and Peter Welch in tow, also met with key government ministers and officials over the two days they spent in the country.

As part of the meeting, the US delegation said they would explore how the US government can support reforms to the business enabling environment to attract greater investment and better spur economic growth.

The delegation also discussed decades-long US support for the health and agriculture sectors and strategies for systematically expanding agricultural productivity and sustaining Zambia’s improvements in public health, as well as emphasizing the central roles of the rule of law and fundamental freedoms to accountable and responsive democratic governance.

After the meeting, President Hichilema took to his Facebook page to post about the positive outcome of the dialogue.

“This morning at State House, we held a meeting with the U.S. congressional delegation led by Senator Patty Murray.

“The other senators included Senator Chris Coons from Delaware, Senator Gary Peters from Michigan, Senator Catherine Cortez Masto from Nevada and Senator Peter Welch from Vernmont.

“During the meeting, a wide range of issues were discussed including the friendship that Zambia shares with the United States.

“We briefed the delegation on how Zambia is repositioning its social, economic and political journey, with the national development plan as the blue print

“We also discussed other issues including the drought, food security and jobs for the women and youth.

“We also thanked them for the support in the recently concluded debt restructuring process. We shall continue to engage with partners for the betterment of our country.”

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Metro

World Bank pledges $3b to support Zambia’s development goals

Published

19 hours ago

November 14, 2024

Isaac Dachen

The World Bank Group has pledged to avail Zambia with approximately $3 billion to support the country’s development goals under the new Country Partnership Framework (CPF) for 2025-2029, with nearly half of the funds already disbursed.

World Bank Country Manager, Achim Fock, who made this known at the CPF launch at the Mulungushi Conference Centre in Lusaka on Wednesday, outlined the global lender’s focus areas, which included enhancing jobs, human capital, and climate resilience.

Fock highlighted that $200 million had been approved to strengthen Zambia’s social protection programs, including the Refugee and Host Community Project.

He also expressed optimism for upcoming approvals, including the Climate and Economic Resilience Financing and the Zambia-Tanzania Interconnector.

Zambia’s Finance and National Planning Minister, Situmbeko Musokotwane, who also spoke at the event, noted that 2.3 million Zambian households have so far benefited from social protection interventions such as the Cash for Work Programme, emphasizing the government’s commitment to safeguarding lives amid crises like the recent drought.

Musokotwane further reiterated the government’s commitment to protecting lives during times of crises such as the recent drought.

“More than two thirds of the Zambian population was affected by the drought. It was the government’s view that the first priority was to save lives,” Musokotwane stated.

Metro

Chinese mining giant CNMC set for $1.6 billion investment in Zambia

Published

2 days ago

November 13, 2024

Isaac Dachen

A Chinese mining giant, China Nonferrous Metal Mining Company (CNMC), has announced the investment of over $1.6 billion in Zambia, following successful discussions with President Hakainde Hichilema at the State House on Tuesday.

CNMC Chairman and Chief Executive Officer, Wen Gang, who held the discussions with Hichilema along with the Chinese Ambassador to Zambia, Han Jing, confirmed the company’s commitment to furthering Zambia’s economic development.

“We are actively investing in critical sectors of Zambia’s economy,” Gang said after the meeting.

He noted that CNMC was currently pumping water from Shaft 28 at Luanshya Copper Mine, where 29.9 million cubic liters have been cleared as part of intensified dewatering efforts, adding that the company plans to inject an additional $200 million to develop a greenfield mine on the Copperbelt.

President Hichilema who welcomed CNMC’s commitment, highlighted the potential economic impact of the firm’s investment which will include job opportunities for Zambians.

“This $1.6billion investment, alongside advanced technology and expansion, will extend operations and create more jobs and opportunities for Zambians, especially in mining contracting and supply,” the President said.

He also expressed gratitude to Chinese President Xi Jinping and the Chinese government for their shared commitment to fostering growth and cooperation between the two countries.