UK announces new initiative to support 50,000 jobs, facilitate over £100m (2.6 Billion Kwacha) of private sector investment and improve productivity in key sectors of Zambian economy.
Visiting UK Minister for Africa, James Duddridge, today announced a new initiative to help drive economic growth in Zambia, through supporting high potential SMEs to access investment, innovate and improve productivity. Focus sectors will include agriculture, tourism and services to the mining industry. The UK will support these businesses to become thriving national and regional businesses, ready to benefit from regional markets in Southern Africa.
The Private Enterprise Programme Zambia 2 (PEPZ2) will strengthen Zambia’s reputation as a finance and investment hub for the region. It builds on UK support and programmes like Impact Capital Africa to ensure Zambian SMEs have the best chance to secure domestic and international financial resources ranging from crowd-financing through to large institutional investors.
The Minister made the announcement following his meeting with the Zambian Minister of Finance, Dr Bwalya Ng’andu, in Lusaka.
During Minister Duddridge’s time in Zambia, he also visited 260 Brands, a Zambian SME that has been supported in its growth journey to date by previous UK support. 260 Brands provides a market for over 1,000 Zambian farmers, employs 200 staff, has grown in size and product offering in recent years and has recently begun to access export markets in the region. Previous UK support has similarly helped expand export potential for the crafts sector, for tourism businesses and other agribusinesses.
The majority of the UK support will be delivered through the new locally established investment entity called Prospero. As well as directly engaging with SMEs and investors, Prospero also builds relationships with other Zambian and international institutions to strengthen the overall ecosystem for business support and investment. Prospero recently established one such partnership with the Development Bank of Zambia and has several others in the pipeline.
Minister Duddridge said:
“Growing economies, creating jobs and enhancing productivity are all critical components for tackling poverty and giving the people of Zambia the tools to determine their own economic futures. This new initiative, bringing together support for small businesses with regulatory reforms in key sectors and facilitating greater channels for finance and investment, including from our global finance centre in the UK, provides a comprehensive toolkit for us to partner with Zambia in driving economic growth.
“As well as creating vital new jobs and investment opportunities, it will also create a greater focus on productivity. Combined with the UK’s focus on strengthening regional trade, Zambia’s strategic location and positive regulatory environment provide real potential for Zambia to act as an investment hub for the region.”
And in reply Zambia’s Minister of Finance Hon Dr Bwalya N’gandu said;
“The Government of Zambia welcomes the UK’s commitment of support to the growth of Zambia’s private sector. This major new programme will benefit in particular the numerous high-potential Small and Medium Enterprises that drive jobs within the Zambian economy as well as helping to strengthen economic ties between Zambia and the UK.”
We welcome that , hopefully it be used for good courses and finally the British are working up to the vacuum they left for the Chinese
The support is welcome but I’m sure there are some strings attached. Unlike the Chinese, these people will expect us to adopt their lifestyle in return. Don’t be surprised if they ask you to introduce man to man marriage or else they’ll freeze this support. That is why it is best to be self-dependant.
There will always be strings attached to any support from the west. However, the UK is no longer as great as it thought it was. Times have changed and soon they will be bending over backwards to trade with us. Remember the gold we found is only the beginning. We are going to do big and great things. We will soon tighten immigration rules so ba diaspora be sharp.
UK aid is always tied. It goes directly to the people, freeing local government resources for abuse by the leaders.
PF lied that Japane donated bicycles for the pombozi, only for Japan to issue statement that not true, PF was just using them.
The same with the above story, the UK minister of black-race can’t pledge 50,000 jobs for PF votes. not true.
Over all these PF rule years they could not facilitate the same investment in the same areas for the said amount of £100m? The UK minister says;
“a new initiative to help drive economic growth in Zambia, through supporting high potential SMEs to access investment, innovate and improve productivity” Isn’t this what a normal government does from within it’s own generated resources?
This is suspect.
If true you know it comes with nonsense.The UK robbed it’s colonies and protectorates blind. Take precautions.
It’s a blessing that Britain will leave the EU because it’ll easily engage with countries like Zambia unrestricted. It’s up to us to seize the opportunity for such partnerships. I get surprised that educated Zambians want to borrow money without terms! Are they normal?
This is how the Help and Hope comes. Not by criticizing govt on social media. The Opposition is busy maligning government’s image and doing nothing. They don’t have any plan to bring investment and how to salvage the situation. It is easier said than done. It is the nation, not some facebook account.
Such investments come only because of highest level of diplomacy and statesmanship. One has to be really concerned about the nation and people to go an extra mile to get investments for improving the lives of millions of people. President Lungu has shown this time and again. Unlike the opposition that is only looking for excuses to blame the government.
The self proclaimed saviours of Zambia have been hiding in their houses, while President Lungu was fighting from the front. The announcement is a befitting reply to all the critics who pounce on every minute opportunity to malign the image of the government. By doing so, they end up bringing bad name to Zambia on international level.
Iwe KZ, you see how we help you folks unlike your 500 O00 jobs you fake promised poor Zambians.
The west is u turning on not supporting africa the have realized this is a mistake. China is supporting africa and is souring high
Africa is rising , especially the few African countries with credible leaders like Magufuli ,Kagame n that chap from Botswana .Yaba…utunensu .
Good grief! What would our Minister for Europe and the UK say to this? “Ghastly suggestion, I say”, he would start. “We just approved an aid package for your stricken covid north — you can employ your own to manage it up there”
Us Zambians have the money and wealth. Just imagine, everytime there is an announcement by any council of the availability of plots, within two or three days, all the plots are sold out. Yet some lazy chap is somewhere crying that the government is not providing employment. Change your attitude and join a cooperative for your development and that of the country. Don’t be cry Babies.
This is just talk no time line on this pledge.