African Development Bank carries debt restructuring for Zambia
By Freeman Ya Ngulu.
The African Development Bank Group has announced it will provide US$150 million in budget support to Zambia.
The support is part of the bank’s commitment to help Zambia emerge from a successful US$6.3 billion debt restructuring for bilateral debtors.
Bank President, Dr Akinwumi Adesina, made the announcement during a two-day official visit to Zambia. He met with Zambian President Hakainde Hichilema to discuss further support for the country as it emerges from the debt crisis.
“You have created a sense of hope in the country and confidence in the economy, paving the way for investments to return and accelerate the drive to achieve prosperity for the country,” Adesina told President Hichilema during the meeting at State House in Lusaka on Tuesday.
The Development Bank said its US$150 million injection into the budget will finance Zambia’s economic recovery and sustainable debt management. The funding will also help reform the country’s farming support programme and establish Special Agro-Industrial Processing Zones and a Youth Entrepreneurship Investment Bank.
President of the African Development Bank, Dr Akinwumi Adesina (left) congratulating Zambian President, His Excellency Hakainde Hichilema on his country’s successful multi-billion dollar debt restructuring with bilateral partners.
