THE World Bank says it will finance projects worth over US$800 million in Zambia’s agriculture, energy and water sectors.
World Bank senior operations officer Chrissie Kamwendo said about 15 projects will be financed in Zambia of which 26 percent support will go towards agriculture, 18 percent in water, 17 percent in energy and the rest will be directed to other various sectors.
Ms Kamwendo said this yesterday when she made a submission to the Parliamentary Committee on Economic Affairs, Energy and Labour chaired by Mazabuka Central member of Parliament (MP) Garry Nkombo.
“We have 15 projects and the total commitment is about US$864 million, and out of the US$864 million, US$648 million is yet to be disbursed. If we can improve on the disbursement process, it means we will have more money pumped into the Zambian economy,” she said.
Ms Kamwendo said the World Bank is committed to ensuring that key sectors are targeted in terms of finance to improve the living standards of Zambians and to improve the economy.
Ms Kamwendo said between July 2015 and June 2016, the World Bank was supposed to disburse over US$90 million, which is expected to be disbursed by the end of June this year.
And World Bank senior economist Gregory Smith said sustained growth in agriculture is key to reducing poverty among Zambians.
Mr Smith said the agriculture sector has not been performing well, as most farmers have not benefited from their farming activities despite Government putting in place programmes aimed at reducing poverty among the farming communities.
Why? Sounds fishy!
its a Gift from WORLD BANK They Love Zambia and its structural ethical environment
This massive Capital Inflow will help to reduce the cost of capital and help to fund much needed development in those sectors and will help to make the Zambian Financial system better integrated and exposed globally with those yields and conditions positively effecting that needs much panel beating
Fore instance in the current near fixed real interest rates ,this massive boost of capital inflow is a positive to reduction of those INTEREST RATES
NAPWIMO CLOSED//
@JonathanM………., if you were a true Financial Analyst, you would know that the World Bank NEVER gives GIFTS. You, your children, your grandchildren, your great grandchildren will still be paying back the loans until kingdom come. Unfortunately, this includes all Zambians.
We demand GRZ to allocate part of this amont community development programms; food security,village bank,social cash transfer has benefited a lot, consider the latter also
There’s nothing like free lunch with the World Bank. PF is selling Zambia with it’s loans where most of the money goes into the cadre’s pockets
You are busy insoulting your own govt which outsiders respect so much. All projects will complete by June. New roads,schools,hospitals,solar milling plants,state farms. Even southern province will think twice before casting a vote against lungu and his MPs.
What’s this finance is it a loan or investment? This smells like another $800m added to the debt!!
@Jay Jay, that is my concern too. Everything wrapped in generalities! Where are these projects? If 26% goes to Agric, 18% to water and 17% to energy we should then be told where these projects are and the sizes of population targeted to benefit. To say the rest 39% of $800m is on another projects in vague and uninformative as that is $300m which should be explained where it is going!! Accountability is important because we do not want just to wake up one day and hear that such and such an amount from World Bank funds have been embezzled!!
We still need the World Bank in this global financial sector that has seen transformation since the world bank was founded somewhere in 1946 in complementary to private finance and capital flows especially since poverty reduction is at the core of world bank initiatives
The package and terms are not onerous as can be from private finance
The role of world bank now has changed since 1946 not only to loan money but also as a developmental global knowledge leader
Its has changed to reflect the global markets in financials
@JonathanMhango, please stop misleading people. A Financial Analyst at that!