Zambia’s economy is set for an economic boost with a direct investment of US$500million from an American Investment Group.
The financing is for immediate investment into “beautiful, peaceful and developing Zambia” and will pour into Lusaka as soon as projects are identified and agreements with Government completed. The investment would be an added lift for the country whose currency has continued to rebound on the backdrop of a bumper harvest, rising copper prices and investor confidence.
Dr Irving Mintzer told Zambia’s Ambassador to the United States H.E. Lazarous Kapambwe that “if there is any project that requires this financing, we would be happy to help with US$500million and be able to invest in now.”
Dr. Mintzer is the director of the Initiative on Closing the Investment Gap in Sustainable Infrastructure (CIG Initiative) and a research professor at the School of Public Policy at the University of Maryland in the USA. He has also served as Senior Advisor to the US Assistant Secretary for Energy Policy and International Affairs in the U.S. Department of Energy.
In a meeting at the Embassy of Zambia, Ambassador Kapambwe expressed delight with the investment offer and told Dr Mintzer that the country had several projects that would be considered under different entities such as the Industrial Development Corporation (IDC) as well as in initiatives like the Multi-Facility Economic Zones.
“I am happy to say that we do have projects that fit into those financing requirements. We have different entities under the IDC and what we call Multi-Facility Zones and once we have completed our work and have the list of these projects, we should meet again soon and let you know the financing needs of each of those to consider,” Ambassador Kapambwe, who has continued holding several investment meetings with Dr Mintzer and other investors, said.
The Initiative on Closing the Investment Gap (CIG) in Sustainable Infrastructure is developing a country-led, facilitated approach to close this investment gap. This approach involves the governments of developing countries working with investors and financial sector representatives to prepare key projects so that they are well aligned with the criteria of private capital.