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The African Development Bank Group has announced it will provide $150 million in budget support to Zambia. The support is part of the Bank’s commitment to help Zambia emerge from a successful $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 the capital Lusaka on Tuesday.
The Bank’s $150 million budget support will finance Zambia’s economic recovery and sustainable debt management. The funding will also help reform the country’s farm input support program and establish Special Agro-Industrial Processing Zones and a Youth Entrepreneurship Investment Bank.
Source:AfDB
