The agreement was signed in Berlin following Zambia–Germany Government-to-Government Development Cooperation negotiations.
Ministry of Finance and National Planning Permanent Secretary for Economic Management and Finance Mulele Mulele signed on behalf of Zambia, while Niels Annen, State Secretary at the German Federal Ministry for Economic Cooperation and Development, signed on behalf of Germany.
According to the agreement, 34 million euros will go towards financial cooperation projects, while 46.5 million euros has been allocated to technical cooperation initiatives.
The funding will support programmes in key sectors including water development, good governance, food security and nutrition.
Speaking before the signing ceremony, Mulele encouraged the German private sector to increase investment in Zambia through capital injection, technology transfer and innovation to help accelerate economic growth.
He said Zambia continues to offer attractive investment opportunities across various sectors of the economy.
Meanwhile, Annen described the discussions as a reflection of the strong and growing cooperation between the two countries.
The information was contained in a statement issued to ZNBC News by First Secretary for Press at the Zambian Embassy in Germany, Lubinda Kashewe.
More money than sense