The African Development Bank (AfDB) has set $700 million aside for the private sector for diversification of the country’s economy.
AfDB President Akinwumi Adesina says the money is for three sectors of the economy namely agriculture, energy and movement from copper dependency.
Dr Adesina said there is need for Zambia to move away from dependency on hydro to solar energy and engage in drought resistance crops.
He said AfDB is also ready to help Zambia engage in the insurance of crops so that famers do not suffer when there is a drought.
Dr Adesina was speaking when he called on President Lungu at state house this afternoon.
And President Lungu said solar energy is the solution to the country’s power deficit.
And President Lungu observed that the private sector has a huge role to play in diversification of the country’s economy.
He said that is why government is looking at the possibilities of turning some companies under IDC to private hands.