AfDB president, Akinwumi Adesina
AfDB president, Akinwumi Adesina

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.

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3 COMMENTS

  1. I remember when I did Social Studies in primary school several decades ago we were learning about the mixed economy and diversification. So, what is new? Africa is just a disgrace it is not even funny any more.

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  2. ADB, that is waste of money, time and energy. And you will also plunge Zambia into further debt distress.
    Keep the money until I come into power in 2021, it will then be put to good use.
    Don’t even think of Trible HH, his brain is too clouded with tribles to think clearly.

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  3. Empowering SMEs is good and welcome.
    The only problem is that these monies just go to cadres and gets squandered.
    Youths and SMEs with proper project plans dont access these funds.
    Our Country has no money.That $700 m can do wonders to our economy when put to good use.

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