Economy

AfDB Avails $700m For Private Sector Development

ICOAST-ADB-BANK…Flags fly on the provisional headquarters of the African Development Bank on September 8, 2014 in Abidjan after a ceremony marking the effective return of the operations of the Bank to Abidjan. The Bank had moved to Tunisia over 10 years ago due to political instability in the Ivory Coast. AFP PHOTO / SIA KAMBOU (Photo credit should read SIA KAMBOU/AFP/Getty Images)

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.

14 Comments

  1. Leonard

    K700 000 000 I wish all the money wer invested in solar energy in zambia.twachulasana fwebene zambia

  2. Hon DM

    May you divert those money to solar power plant that’s my adivise or continual loadshading even next year if you want!

  3. Curtis

    This is a good move to mitigate the effect of loadsheding that have adverse impact on our economy. I urge the government to utilize the money efficiently.Remember the issue of EURO bond.

  4. dance

    Anyway!! In written that money is meant for the private sector but when it comes in hand it will be money for the people in front and nothing will be done “ubomba mwi bala Alya mwibala” useless govt!!!

    • Beneth

      I know you are one of the upnd fool this will cost HH never entered state house. What you only think is too see ECL and PF fail. This is a Bemba say ububomba mwibala alya mwibala . these foolish UPND have interpreted the way they think because it is a party of thieves including there president . he has so much Worth but he has never worked to accumulate that money .think about it. Please don’t think negatively . if you want to know about this ipinda go don’t feel shy ask abena lubemba mwefipuba imwe. You are making our children fail bemba exams because they are grasping your thinking. Talk of what you will do for Zambia that PF has not done . otherwise Of has failed in areas climate change is involved. And this climate change is for God Not ECL. Those who blame ECL for the things Of God involvement will be punished by God . think before you sa any thing imwe MWe banthu ba UPND . Viva PF viva ECL 2021 a bash UPND and HH.

      • Mbangu Chikuma

        Beneth. The subject here is not about UPND but lack of planning and mismanagement of resources by the PF Government. Climate Change is an issue that has been known for more than 45 years for those who read about climate and global economic trends . How many times in the last 30 years has Zambia suffered drought ? Serious governments plan for 30 years and not 5 years . Remember that most of Zambia is not connected to efficient electricity or power and therefore Zambian is required to invest in more and alternative sources of energy to meet this deficit of power. Power is not only for urban cities but every part of the country if the country is to attain a developed status . Apart from the money pledged by the African Development Bank for power General , how much money has the Zambian Government budgeted for new electricity producing ventures ? Zero ! But the very government would spend $80M to buy a used Presidential Jet and several aircrafts for the air force as if Zambia is facing an imminent war . For your own information Kariba dam was constructed by the British Government in late 50’s to serve a population of 5 million (Zimbabweans and Zambians) who live in urban centers. The money from the AFDB is not free money but a loan to the Zambian private sector and the problem is that only the few will have access to the money and it will be used for other purposes , like most grant and loan funding has been diverted by this current Government

  5. ghost

    Hope this money won’t disappear but used appropriately.

    • Mumba

      Ghost ishina ububi . imwe MWe chibanda don’t be worried about this money Of Is a working govt don’t be cheated that these monies will be pocketed . it is not like this friend of ours HH he was talking of being given $25 billion for investment we don’t know which sector that huge amount of money will be invested. These were just sweet talk and weak thinker in UPND it has remained in their brain that HH knows connections . if we are going to have a president like HH Zambian will be lazy people . iam saying so because HH like begging .that the reason he has money the English proven says a beggar is never bankrupt . be careful Zambians with this fellow HH

  6. Marker

    Adb is bank and not a donor whose money can,t be misused.All we can say is , let the targeted private sector be scrutinised and not fake political companies

  7. The seeker

    Monies can be reported to have been signed,aquired,sourced etc but alas,that is were it ends for the general citizenry. Where that money will end up,God knows. Edgar Changwa Lungu signed $500m on behalf of Zesco, today Zesco is failing to even pay mamba collieri,our very own electricity producing company, the arrears they owe for the supply of 300 Meggawatts of electricity already supplied. This has contributed to the massive load shedding we are experiencing now because mamba collieri have stopped supplying that amount of Meggawatts of
    electricity to Zesco. So the big question is, where has that $500m signed by the president gone? Zesco is struggling to pay Eskom,an electricity company in South Africa $44m for the importation of the same 300 Meggawatts that Mamba collieri were supplying. Zambia,is in trouble.

  8. Corruption now will be worse

    Don’t forget that when the President and his entourage go out of the country the parastatal companies are usually directed to sponsor the trips e.g fuel for the Presidential jet , hotel accommodation including personal allowances! That is why Zesco has run out of money, because it is one of the parastatal companies which sponsors most government expenses.

  9. Winnipeg Nyirongo

    Wise thinking from the Nigerian national. Thanks Dr. Adesina, so that Zambia should move away from dependency on Copper. Our Country Zambia should diversify the economy from Copper to Agriculture and Renewable energy. Thanks

  10. kabaso

    I dont care if your name is beneth or what mind your tongue dont be stupid say anything about the bemba,dont insult the president HH,The country knows that the ECLhas failed so what are u talking about respect yourself
    MR ECL is the one who said ubomba mwibala alya wibala.
    wer is the loan $500 million no answer

  11. kabaso

    I dont care if your name is beneth or what mind your tongue dont be stupid say anything about the bemba,dont insult the president HH,The country knows that the ECL and pf has failed so what are u talking about respect yourself.
    MR ECL is the one who said ubomba mwibala alya wibala.
    wer is the loan $500 million no answer.

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