The African Development Bank (AfDB) has set aside $700 million for the diversification of the economy through the private sector.
The money is meant to empower the agriculture, energy and mining sectors.
AfDB president Akinwumi Adesina said the money is for economic diversification and reduction of dependency on copper.
“There is need for Zambia to move away from dependency on hydro to solar energy and engage in drought resistant crops,” Dr Adesina said.
He said AfDB is also ready to help in the insurance of crops so that farmers do not suffer when there is a drought.
Dr Adesina was speaking when he called on President Lungu at State House.
And President Lungu said solar energy is the solution to the country’s power deficit.
“The private sector has a huge role to play in diversification of the country’s economy,” said President Lungu.