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Tuesday, January 31, 2023
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HomeNewsWORLD BANK CHIEF CONFIRMS $750m TO ZAMBIA

WORLD BANK CHIEF CONFIRMS $750m TO ZAMBIA

PRESIDENT Hakainde Hichilema yesterday held talks with World Bank Group President David Malpass, who confirms the International Development Association (IDA)’s aim to disburse US$750 million to Zambia for projects in health, education and social assistance.

Based on the economic transformational agenda put in place, Zambia being a member of the financial facility qualified for zero to low-interest loans and grants.

The president who is in New York attending the United Nations General Assembly (UNGA) said on his Facebook page yesterday, that such loans and grants were aimed at reducing poverty by boosting economic growth, reducing inequalities, and improving people’s living conditions through increased investment opportunities.

“From our side, we reaffirmed our commitment to keeping momentum high on the debt restructuring process,” he said.

He said Zambia’s relationship with the World Bank, which dated back to the 1960’s, was stronger than ever and it was a pleasure to hold substantive discussions with Mr Malpass.

He also met International Monetary Fund (IMF) managing directors Kristalina Georgieva, who expressed gladness at the open and frank discussions that led to Zambia’s IMF supported programme.

Mr Hichilema said what remained now was to consummate the programme and pave the way for Zambia’s economic transformation.

The president said he also held a meeting with United States Ambassador to the UN Linda Thomas Greenfield, in his efforts to strengthen collaboration between the US and Zambia in the areas of trade and investment.

“We discussed a number of issues relating to Zambia’s economic growth. We agreed that the upcoming US-Africa Summit in December is a unique opportunity for Zambia to showcase our country as a prime destination for international investment, which can create jobs and opportunities for our people,” he said.

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