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Economic development

African Development Bank Commences Construction of Permanent Country Office in Lusaka, Zambia

Strategic Insights

— 2 min read

The African Development Bank Group marked a significant milestone in its 54-year partnership with Zambia by commencing the construction of its permanent country office in Lusaka. The new office will strengthen the Bank's collaboration with the Zambian government, private sector, and civil society to accelerate economic growth and development in the country. The project is expected to be completed by 2027 and will incorporate cutting-edge sustainability features and wellness-focused design. The Bank has also announced a $250 million commitment to the transformative Lobito Corridor Development Project, a major economic route connecting the port of Lobito in Angola to the Katanga province in the Democratic Republic of Congo and the Copperbelt in Zambia.

Key Takeaways:

  • The African Development Bank has commenced the construction of its permanent country office in Lusaka, Zambia, marking a significant milestone in its 54-year partnership with the country.
  • The new office will house expanded operations, contribute to Zambia's economic growth, and create jobs and stimulate businesses during both construction and operation.
  • The Bank has invested $2.7 billion in Zambia across multiple sectors, with a current active portfolio worth nearly $1 billion.
  • The Bank has supported major projects, including the Kazungula Bridge Project, Integrated Small Towns Water and Sanitation project, and Multi-Purpose Small Dams Project.
  • Dr. Situmbeko Musokotwane, Finance and National Planning Minister of Zambia, emphasized the significance of the permanent office, citing the Bank's commitment to Zambia's development goals and the transformative work accomplished in the country.
  • The Southern Africa region is still recovering from devastating droughts of 2023-2024, and the Bank is urged to consider expanded support for regional drought recovery efforts.
  • The Bank's investments in Zambia have delivered impactful results, including increased water access and sanitation coverage, as well as improved agricultural productivity and jobs creation.

Statistics:

  • The cumulative investment of the African Development Bank in Zambia is $2.7 billion.
  • The current active portfolio of the Bank in Zambia is worth nearly $1 billion.
  • The African Development Bank has invested US$81.6 million in the Kazungula Bridge Project.
  • The Bank's investments in the agricultural sector have generated approximately 500,000 jobs.
  • National water access has increased from 69% to 72% between 2015-2022.
  • Sanitation coverage rose from 50% to 58%, providing 1.9 million additional people with improved water access.
  • Agricultural productivity has soared, with maize production increasing from 2.9 million tonnes to 3.9 million tonnes.

Sources:

  • African Development Bank Group (www.AfDB.org)
  • M2 PressWIRE
  • APO Group
  • Emeka Anuforo, Communication and External Relations Department, media@afdb.org
  • http://www.m2.co.uk
  • http://www.AfDB.org
  • https://apo-opa.co/4jORboP
  • https://apo-opa.co/44an9XL
  • https://apo-opa.co/4kY4CU7

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