World Bank provides Zambia 600 mln USD for development projects

Source: Xinhua| 2017-07-28 17:47:58|Editor: Xiang Bo
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LUSAKA, July 28 (Xinhua) -- The World Bank has provided Zambia 600 million U.S. dollars to invest in various sectors of the economy as well as for budget support for the next three years, state media reported on Friday.

The Bank has also committed itself to increasing its support to the southern African nation under the International Development Association (IDA)

Minister of Finance Felix Mutati revealed this after meeting with the World Bank Executive Director for Zambia Andrew Bvumbe who is in the country for consultations.

"We have received commitment from the World Bank for increased resources and about 150 million dollars will be in the form of budget support," he is quoted as saying by the Zambia Daily Mail.

Out of the announced funds, 255 million dollars will support irrigation and agribusiness while 280 million dollars will be invested in the energy sector, he added.

The bank, he said, will dedicate a further 200 million dollars for improving rural roads in order to support the agriculture sector.

He expressed gratitude that the World Bank has announced the increased support at the time the economy has started to stabilize as macroeconomic fundamentals were promising.

The government, he said, has agreed with the World Bank to utilize the resources to transform critical sectors to address poverty, job creation and inclusive growth.

On his part, the World Bank official welcomed government's focus on prioritizing development in agriculture, rural road development and energy which were key to creating jobs and enhancing economic development.

The World Bank official further commended the government for addressing macroeconomic fundamentals as evidenced by low inflation and stability of the local currency.