Thursday, May 30, 2024

Finance Minister Leads Delegation to African Development Bank Annual Meetings for Economic Diplomacy and Investment Opportunities

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The Finance and National Planning Minister of Zambia, Dr. Situmbeko Musokotwane, is leading a high-level delegation to the 2023 Annual Meetings of the African Development Bank (AfDB) Group, taking place in Sharm El Sheikh, Egypt, from May 22nd to May 26th, 2023. The delegation aims to strengthen development cooperation with the AfDB, Egypt, and other partners while leveraging the platform to highlight Zambia’s development priorities.

Accompanying Minister Musokotwane are Mr. Danies Chisenda, Permanent Secretary for Economic Management and Finance at the Ministry of Finance and National Planning, and Zambia’s Ambassador to Egypt, Major General Toppky Lubaya (Rtd). The team was welcomed on arrival in Cairo by Ambassador Lubaya, who emphasized the significance of Zambia’s participation in the meetings for enhancing development cooperation.

The 58th Annual Assembly of the African Development Bank and the 49th meeting of the African Development Fund are being held under the approved theme, “Mobilizing Private Sector Financing for Climate and Green Growth in Africa.” The meetings provide a valuable opportunity for knowledge sharing among high-level decision-makers, development agencies, academics, NGOs, civil society representatives, and the private sector.

During the course of the Annual Meetings, Dr. Musokotwane and his delegation will engage in various events organized by the AfDB, hold bilateral talks with development partners, and interact with investors. These engagements include discussions on the global financial architecture, reform ideas for the Special Drawing Rights System, and the mobilization of blended finance for green energy transition in emerging economies.

Several important meetings are scheduled for the Zambian delegation. Minister Musokotwane intends to meet with Dr. Akinwumi Adesina, the President of the AfDB, to request strengthened cooperation and support for Zambia, particularly concerning the conclusion of the debt restructuring process. Other key meetings include discussions with the Vice Presidents of Agriculture, Human and Social Development, Energy, Climate and Green Growth, and Private Sector, Infrastructure and Industrialization at the AfDB.

In addition, the delegation will engage with the AfDB Governor for China to discuss debt restructuring and mutual development interests. They will also participate in dialogues on energy access, climate adaptation, food security, and attend the high-level launch of the African Economic Outlook 2023. Zambia will share its policy measures for transforming natural capital into wealth, harnessing natural resources for green growth, and combating climate change.

The Zambian delegation is also set to participate in various host country and bilateral events during the Annual Meetings. These include forums on Fintech’s role in sustainable and green finance, discussions with German and U.S. officials, market promotion of Zambia’s agricultural development programs, exploration of cooperation opportunities with Egyptian ministries, and participation in the Africa Investment Forum.

Dr. Musokotwane highlighted the importance of Zambia’s participation in the 2023 Annual Meetings, stating that it serves as a crucial platform for economic diplomacy and consolidating the country’s attractiveness as an investment destination in Africa. He emphasized the need for global harmony and international consensus on issues such as debt, food security, and income generation for micro, small, and medium-scale enterprises.

The Ministry of Finance and National Planning reiterated the significance of these engagements in ensuring Zambia’s economic progress, fostering business partnerships, creating employment opportunities, and enhancing the country’s competitiveness in regional and international markets.

2 COMMENTS

  1. The minister is also just wasting govt money travelling but yields nothing. He has been to Washington, camping there with a begging bowl. Nothing came out of it. This is part of the rhetolic as that journalist from MUVI TV had put it to the president.

  2. Where is Plan B for Zambia since the IMF are playing a Hard to Catch game? Zambia must place its life in its own hands instead of wasting time in foreign offices discussing things already trashed by those foreign offices.

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