The World Bank’s International Finance Corporation says Zambia’s scaling-up solar project is a flagship project and a great example of the sustainable energy development for Africa and the whole world.
The IFC also says improving operational efficiency in the energy sector in Zambia will be a key driver for the country to register substantial progress in the attainment of Sustainable Development Goals, Vision 2030, and the programmes listed in the Seventh National Development Plan.
IFC Vice President for Middle East and Africa Sergio Pimenta said this in Bali, Indonesia, yesterday during a bilateral meeting with the Zambian delegation, on the sidelines of the 2018 Annual Meetings of the International Monetary Fund and the World Bank.
Mr. Pimenta said the IFC is willing to support private sector development programmes such as Zambia’s recently launched Private Sector Credit Guarantee Scheme; green production and storage initiatives; and, housing development.
He also expressed the IFC’s willingness to support Zambia with technical assistance in capital market management and transactions.
And speaking on behalf of the Zambian delegation, Deputy Secretary to the Cabinet in charge of Finance and Economic Development Christopher Mvunga said the government’s economic stabilisation and growth reforms will bring lasting stability to the country’s economy as it is a priority initiative for President Edgar Lungu who on a frequent basis, keeps a watchful eye on progress in provinces and districts.
During the meeting, held at the Bali International Conference Center, Mr. Mvunga took time to highlight some macroeconomic indicators related to the real Gross Domestic Product, inflation, the fiscal deficit, the exchange rate and general public debt metrics.
“Government of Zambia is committed to the completion of a credible Cost of Service Study which will guide future tariff adjustments in the energy sector”. Mr. Mvunga added in a statement by Ministry of Finance spokesperson Chileshe Kandeta.
He appealed to the IFC to extend support from phase one of the scaling-up solar project to phase two.
Earlier, Mr. Mvunga led the Zambia delegation for a meeting with the World Bank’s Multilateral Investment Guarantee Agency held at the Westin Bali International Conference Center.
Mr. Mvunga invited MIGA to venture in the agriculture value-chain and tourism investments in Zambia, saying, the two sectors have the greatest potential in contributing to Zambia’s foreign exchange earnings, which, at more than 75%, are currently dominated by copper earnings.
He assured the World Bank that measures have been put in place and will be strengthened in order to minimize the disruption to the programme and restore donor confidence and support.
Among the other issues discussed at the meeting was the upcoming World Bank International Development Association [IDA] which Zambia is scheduled to host in Livingstone next month, economic governance, and performance management of ongoing programmes.
Finance Minister Margaret Mwanakatwe is scheduled to arrive in Bali, this evening. Mrs. Mwanakatwe is Zambia’s Governor to both the World Bank and the IMF.
Minister of National Development Planning Alexander Chiteme is Zambia’s Alternate Governor for the World Bank while Bank of Zambia Governor Dr. Denny Kalyalya is Zambia’s Alternate Governor for the IMF.