Saturday, April 20, 2024

Afreximbank Pledges $1.6 Billion to Boost Zambia’s Economic Development

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In a bid to bolster Zambia’s economic resilience and address pressing challenges, the African Export-Import Bank (Afreximbank) has committed a substantial $1.6 billion towards development financing in the country. The announcement was made during a meeting between Afreximbank President, Dr. Benedict Oramah, and Zambian President Hakainde Hichilema at State House.

President Hichilema expressed gratitude to Afreximbank for their generous support, highlighting the critical importance of this financing in the face of Zambia’s current food security crisis. He emphasized the urgent need to ensure food security and job creation through value addition across various sectors of the economy.

Dr. Oramah echoed President Hichilema’s sentiments, stressing the necessity for Zambia to utilize the allocated funds effectively for economic development. He underscored Zambia’s potential as a key producer of grains, noting the opportunity to reduce reliance on imports and strengthen food security across the continent.

The Afreximbank president further elaborated on the broader objective of the financing, which aims to enhance food security in African countries and safeguard their sovereignty over food production. This initiative aligns with Afreximbank’s commitment to supporting sustainable economic growth and development across the continent.

President Hichilema warmly welcomed the development financing, recognizing its timely arrival amid the challenges posed by climate change in Zambia and other African nations. The funding is expected to play a pivotal role in mitigating the adverse effects of climate change and advancing Zambia’s economic agenda under President Hichilema’s leadership.

The partnership between Zambia and Afreximbank underscores the importance of international cooperation and financial support in driving economic transformation and resilience, particularly in the face of global challenges such as climate change and food insecurity.

10 COMMENTS

  1. Hot air….the government of lies led by the most incompetent President…Bandit HH…they talk about billions day in day and nothing to show for it

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    • TNATION WILL LAUNCH A POWERFUL YOUTH INITIATIVE THAT NEEDS GOVERNMENT FUNDING THROUGH FOR AVOCADO SPREAD PROJECT FOR YOUTHS. AMEN

  2. You sell you maize stock and go begging for money to buy maize. Afreximbank does not give money for free. This is borrowing that HH was busy condemning when he was in opposition. What did HH do with the money he sold the maize? He must have taken it to CDF to appease his cadres who are busy building substandard structures and desks that are getting spoiled on a daily basis. HH was a beauty while in opposition but a total failure as president. May be that is what happens when you tell too many lies.

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    • You are a real cadre. Did HH say Don’t just borrow or Don’t borrow for consumption? They borrowed for their pockets and that is how we are in trouble.
      -Import Bank (Afreximbank) has committed a substantial $1.6 billion towards development financing in the country.

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    • @Piranha, HH is borrowing from afrexim for mealie meal and if you do not see that as consumption, you should not come on LT to look intelligent when are very dull.

  3. Has the SC sold the VXs and GXs that were bought under the UPND government as directed by the President? How much was realised and what has happened to the money so realised? When are you selling the GulfStream Jet that belongs to ZAF? When are you razing Forest 27 so that water can be saved now that drought is a national disaster you can invoke emergency powers to raze the Forest…..

  4. You are even shaking hands over a loan? You have emeralds that can pay all the loans we have accumulated. But we go to these muzunguzi with a begging bowl,shamelessly. There is something wrong with our brains. Paradoxically, we have everything God has given us but in abject poverty. Life is not fair. There is no need of begging in the presence of plenty. We are mocking God for giving us such a beautiful country whose resource we are messing up.

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