USAID LAUNCHES $60M TRADE BOOST FOR ZAMBIA
THE United States Agency for International Development (USAID) has launched a $30 million TradeBoost Zambia which is a trade and invest ment programme designed to bring expertise to Zambi an agricultural enterprises to help with productivity and fuel regional exports.
USAID administrator Sa mantha Power said Trade Boost Zambia would advance the U.S. government’s Prosper Africa and Feed the Future initiatives.
Ms. Power said TradeBoost was among the first projects to be launched as part of US AID’s new continent-wide Africa Trade and Investment programme, the Agency’s flag ship effort in support of Pros per Africa.
She said TradeBoost will amplify market intelligence, increase investment in Zam bian businesses, and direct targeted trade facilitation sup port to Zambian businesses to reach regional and interna tional markets.
Ms. Power said TradeBoost prioritises locally-led devel opment with all sub-contracts and grants going to local partners.
She said the programme would focus on businesses led by women and young people who invest in climate smart production.
Ms. Power said as part of this new trade and investment programme, two private sec tor partnerships that would enhance Zambia’s ability to grow food for people across Africa, with two Zambian companies Zdenakie and NewGrowCo to export 17,500 metric tonnes of maize and soybeans valued at $8.5million.
She said these companies expect to move at least 1,300 metric tons of grain to East Af rica in a matter of days.
Ms. Power said to acceler ate these exports, USAID was structuring a revolving credit facility that would give Zam bia grain traders the finance they need to rapidly buy, ag gregate, and export grain.
She said the facility was pro jected to support the export of an additional 30,000 metric tons of needed grain across Africa going forward.
Ms. Power said through a $200,000 grant, USAID un locked a $4.5 million invest ment in Zambia’s macadamia sector.