World Bank to pro­vide $170 mil­lion to Zam­bia

The Pak Banker - - Company& -

LUSAKA: Global lender, the World Bank pledged to pro­vide more than USD 170 mil­lion to Zam­bia for eco­nomic di­ver­si­fi­ca­tion and em­ploy­ment cre­ation chiefly in the agribusi­ness to pump up govern­ment's ef­forts to grow the econ­omy in the South­ern African State.

World Bank Group pres­i­dent Mr Robert Zoë lick re­cently vis­ited Zam­bia, among other African coun­tries that in­clude Ghana to im­press upon the govern­ment's ef­fort to grow the econ­omy that has u-turned in re­cent years, record­ing sig­nif­i­cant growth in var­i­ous sec­tors in­clud­ing in­fra­struc­ture devel­op­ment. Mr Zoë lick said he was im­pressed with Zam­bia's urge to fos­ter eco­nomic growth and fight poverty, re­sult­ing in the coun­try record­ing more than six per­cent of Gross Do­mes­tic Prod­uct with in­fla­tion scal­ing to a sin­gle digit af­ter more than 25 years.

In a state­ment by the World Bank of­fice in Lusaka the fi­nanc­ing will be in­tended to en­hance di­ver­si­fi­ca­tion and em­ploy­ment cre­ation in agribusi­nesses. The World Bank's board of ex­ec­u­tive di­rec­tors is ex­pected to ex­am­ine USD 115 mil­lion in fi­nanc­ing for wa­ter in­fra­struc­ture such as dams and ir­ri­ga­tion canals in March 2011 that will ben­e­fit about 70,000 Zam­bian small­holder pro­duc­ers.

The bank's pri­vate sec­tor arm, In­ter­na­tional Fi­nance Cor­po­ra­tion, is also in­vest­ing USD 56 mil­lion to en­hance di­ver­si­fi­ca­tion and em­ploy­ment cre­ation in Zam­bia's agribusi­nesses.

Mr Zoë lick, who was in the coun­try from De­cem­ber 1618 and noted that Zam­bia has po­ten­tial to in­crease pro­duc­tiv­ity in the agri­cul­tural sec­tor, where poverty is con­cen­trated, and be­come re­gion­ally com­pet­i­tive by re­duc­ing the costs of ex­port­ing lo­cal pro­duce and ex­pand­ing ac­cess to en­ergy. He said Broader based, more in­clu­sive eco­nomic growth is key for Zam­bia to achieve its goal of be­com­ing a pros­per­ous mid­dle-in­come econ­omy by 2030.

Mr Zoë lick who met Pres­i­dent Ru­piah Banda, civil so­ci­ety and stake­hold­ers in the min­ing sec­tor, among other play­ers, pledged the bank's con­tin­ued sup­port to Zam­bia as the coun­try ex­pands ir­ri­ga­tion in­fra­struc­ture to boost agri­cul­tural pro­duc­tiv­ity and en­hance food se­cu­rity. There is need to ex­plore ways of tap­ping the coun­try's hy­dro­elec­tric po­ten­tial, im­prove trans­porta­tion and strengthen re­gional in­te­gra­tion to help over­come the dis­ad­van­tages of be­ing land-locked. -PB News

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