ZDA signs investment deal with Imbono to boost energy, mining sectors

The Zambia Development Agency (ZDA) has entered into a Memorandum of Understanding with global investment firm Imbono to unlock investment opportunities in key sectors, including energy, mining and infrastructure.

Imbono, which operates across both emerging and developed markets with offices in the Dubai and Abu Dhabi in the United Arab Emirates, is seeking to expand its footprint in Southern Africa.

Speaking during the signing ceremony on Tuesday in Lusaka, Imbono Chief Executive Officer, Marcus Weyll, revealed that the firm had already invested about US$8 billion across Africa and plans to channel approximately US$2 billion annually into Southern Africa over the next two to three years.

Weyll said Zambia had long been on the firm’s radar due to its vast investment potential.

“We have been exploring opportunities in Zambia for some time. While we have operations in several African countries and have previously conducted transactions involving Zambia, it was during engagements in the UAE that the country’s full potential was brought into sharper focus,” he said.

He emphasised the importance of regional integration, noting that while some countries faced energy deficits, others had surpluses, particularly in agriculture, creating opportunities for collaboration.

Weyll added that Zambia was strategically positioned to play a key role in advancing regional integration and unlocking shared growth.

Meanwhile, ZDA Director-General, Albert Halwampa, welcomed the partnership, commending Imbono’s interest in Zambia’s energy sector, especially as the country worked towards increasing copper production to three million tonnes.

Halwampa assured the investor of the agency’s full support, promising ZDA would facilitate a smooth investment process.

“The sectors identified for investment are critical to Zambia’s development agenda and will significantly contribute to achieving our targets, including scaling up copper production and expanding power generation to 10,000 megawatts,” he said.

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