Zambia, EU sign financing deals to boost investment

Source: Xinhua| 2020-10-22 21:55:03|Editor: huaxia

LUSAKA, Oct. 22 (Xinhua) -- Zambia and the European Union (EU) on Thursday signed two financing agreements aimed at boosting investment in the southern African nation.

Under the agreements, the EU was expected to provide a total grant of 1.1 billion Zambian Kwacha (54 million U.S. dollars) for the Economic Governance Support program and the Zambia Energy Efficiency and Sustainable Transformation program.

Fredson Yamba, Secretary to the Treasury who signed on behalf Zambia, said the programs will be financed under the 11th European Development Fund (EDF), the current partnership program with the EU.

The two financing agreements are targeted at supporting the government's efforts towards strengthening economic governance and energy efficiency, he added.

According to him, the support to economic governance will aim at contributing to improving the business and enabling the investment climate in the country.

Jacek Jankowski, EU Ambassador to Zambia, who signed on behalf of the European body, said the signing of the two agreements will improve government's service delivery to the private sector and the public at large.

The EU envoy noted that the organization will support Zambia by contributing to the creation of favourable conditions for private sector development.

According to him, the overall business environment in Zambia and investment climate has remained challenging to support and accelerate private sector growth. Enditem