World Bank provides Zambia $600m for development projects

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The World Bank has provided 600 million dollars to Zambia to invest in various sectors of the economy as well as for budget support for the next three years, state media reported on Friday.

The bank has also committed itself to increasing its support to the southern African nation under the International Development Association (IDA).

Minister of Finance Felix Mutati revealed this after meeting with the World Bank Executive Director for Zambia Andrew Bvumbe, who is in the country for consultations.

“We have received commitment from the World Bank for increased resources and about 150 million dollars will be in the form of budget support.

“Out of the announced funds, 255 million dollars will support irrigation and agribusiness while 280 million dollars will be invested in the energy sector.

“The bank will dedicate a further 200 million dollars for improving rural roads in order to support the agriculture sector,’’ he added.

Bvumbe expressed gratitude that the World Bank had announced the increased support at the time the economy had started to stabilise as macro-economic fundamentals were promising.

He said that the government had agreed with the World Bank to utilise the resources to transform critical sectors to address poverty, job creation and inclusive growth.

On his part, the World Bank official welcomed government’s focus on prioritising development in agriculture, rural road development and energy which were key to creating jobs and enhancing economic development.

The World Bank official further commended the government for addressing macro-economic fundamentals as evidenced by low inflation and stability of the local currency. (Xinhua/NAN)