19.2 C
Lusaka
Thursday, May 23, 2024
spot_img
HomeNewsEU to provide 400 million euros in support to Zambia's agriculture sector

EU to provide 400 million euros in support to Zambia’s agriculture sector

Zambia is expected to receive 400 million euros from the European Investment Bank (EIB) for the agriculture sector next week.

The financing, which will be signed during a three-day visit by EIB Vice President Thomas Ostros, is part of the EIB’s pan-African agriculture investment initiative.

Zambian Finance Minister Situmbeko Musokotwane is expected to sign the financing agreement on behalf of the government.

“Zambia is a key partner for the European Investment Bank and I am looking forward to demonstrating support for priority investment that improves lives and enhances economic opportunities across Zambia,” Ostros said in a statement.

EU Ambassador-Designate to Zambia Karolina Stasiak said the visit of the EIB vice president reflects the deepening cooperation between Zambia and the European Union.

The EIB financing is expected to support a range of projects in the agriculture sector, including irrigation, agricultural processing facilities, and market access infrastructure.

Agriculture is one of the key drivers of the Zambian economy, accounting for about 70% of employment and 20% of GDP. However, the sector is facing a number of challenges, including climate change, pests and diseases, and poor infrastructure.

The EIB financing is expected to help Zambia address these challenges and boost agricultural productivity.

RELATED ARTICLES

Most Popular