Zambia benefits $1.5bn from AfDB
Published On October 21, 2014 » 1548 Views» By Davies M.M Chanda » Business, Stories
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ZAMBIA has benefited a total of $1.5 billion development funds from the African Development Bank (AfDB) in the last 50 years.
Among the projects funded by the bank includes the Tazama Pipeline rehabilitation in 1989, Maamba Collieries 1983, Kafue Gorge Power expansion, Lumwana Mine in 2006 and Kitwe-Ndola Carriage Way.
AfDB resident representative Freddie Kwesiga said since Zambia started dealing with the bank in 1971, it has benefited in excess of US$ 1.5 billion in project funding and grants from the bank.
In his message of congratulations as Zambia marks 50 years of political independence Dr Kwesiga said the bank would continue working with Zambia to development the agriculture sector especially in the area of irrigation and value addition.
“The country has made economic strides in the last 50 years despite facing many challenges and for the country to move forward in the next 50 years it needs to invest heavily in agriculture, education and infrastructure development,” he said.
As a way forward, he said, the Zambia needed to invest heavily in the agriculture sector and value addition to attain the status of industrialised country by 2064.
He said this was the only way the country could participate effectively in the intra-African trade looking at the market potential agriculture products have on the regional market.
“Zambia has good climatic conditions compared to surrounding countries that the country needs to take advantage of that and grow more for exports,” he said.
The bank would continue funding infrastructure development, especially those linking other countries in the region for it to expand trade with other countries.
“We are currently in partnership with Government on the feasibility study on the Mpulungu Port to link to other ports in the Democratic Republic of Congo, Tanzania and Burundi which would see more volume of goods passing through the port.
He said the Government needs to further enhance the Information and Communication Technology (ICT) to raise the competition of Zambians in ICT industry at regional level in the next 50 years.
He said the bank was looking forward to develop intra-Africa trade which he said was the only way economic development would be attained.

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