The African Development Bank Group’s Board of Directors has approved a $108 million loan to Zambia to enhance the nation’s economic governance and implement reforms in essential public sectors.
This funding will facilitate the Fiscal Sustainability and Economic Resilience Support Programme, a crucial component in efforts to create a robust and diversified economy in Zambia.
The programme aims to increase domestic revenue generation by supporting various initiatives, including the introduction of an electronic smart invoice system, registering 12,000 VAT-liable taxpayers, and Zambia’s participation in the Global Forum on Transparency and Exchange of Information for Tax Purposes.
The program aims to boost Agro-industrial growth by supporting the agricultural mechanization strategy of the Ministry of Agriculture and establishing ten mechanization centres.
The goal is to enhance agricultural productivity and increase production to supply both national and international markets by providing rental equipment to farmers lacking access.
By November 30, 2024, the African Development Bank Group’s active portfolio in Zambia featured 24 projects, collectively valued at $872.3 million.
