AfDB agro funding to Zambia hits $180m

AfDB agro funding to Zambia hits $180m

The African Development Bank (AfDB)’s support to agriculture in Zambia, currently stands at over US$180 million demonstrating its commitment to unlock the sector’s capacity to contribute to the country’s economic transformation.

AfDB country representative Damoni Kitabire said the bank will continue to expand its support to agricultural diversification using the Feed Africa strategy that aims at enhancing agricultural productivity and value chain on the continent.

Mr Kitabire said this yesterday at the Feed Africa implementation engagement workshop for southern Africa.

Under the Feed Africa programme, the bank is expected to mobilise between US$300-US$400 for the next 10 years to transform the sector into a globally competitive, inclusive and business-oriented sector.

Mr Kitabire, however, notes that Zambia has started domesticating the Feed Africa programme through initiatives such as the Cashew Infrastructure Development Project in western Zambia and the Aquaculture Infrastructure Support Project that is due for AfDB board approval next week.

He also said a total of over €3 million from the bank’s middle- income countries trust fund and Africa Water Facility has been approved to help design new operations under Feed Africa.

“We hope this will result into a bigger investment operation in Zambia and further improve the lives of Zambian people,” he said.

At the same occasion, Minister of Agriculture Dora Siliya said the continent needs to organise the agriculture sector for it to yield results that will contribute to the transformation of the continent.

Previous Case IH Takes ‘Tractor of the Year’ Title For 2017 With Optum 300 CVX
Next Kenyan farmers invest K4m on C/Belt

About author

You might also like

Business 0 Comments

AgDevCo invests $5M in Katito farming enterprises

UK-based, sub-Saharan-focused social impact investor AgDevCo has invested $5.05 million in Katito Farming Enterprises Ltd. – a key part of the firm’s Northern Zambia Agricultural Hub (NZAH). Through its NZAH

International 0 Comments

Agro experts tip African governments

African governments and donors have been urged to treat the agriculture sector as a commercially-viable sector with the potential to create jobs and foreign exchange, Tony Elumelu Foundation, an African-based

Business 0 Comments

Anil Agarwal’s 20% Anglo American Shares Sold

The self-made billionaire and one of India’s richest men, Anil Agarwal has sold his stake in Anglo America. As the biggest shareholder of the mining company, Agarwal is reported to