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Afrexim Bank commits $1.6 billion towards financing Zambia’s economic development


The African Export-Import Bank (Afreximbank) has committed a substantial US$1.6 billion towards development financing in Zambia to bolster the country’s economic resilience while addressing pressing challenges.

The announcement was made during a meeting between Afreximbank president, Benedict Oramah, and Zambian President, Hakainde Hichilema, at State House on Monday.

Oramah underscored Zambia’s potential as a key producer of grains, noting the opportunity to reduce reliance on imports and strengthen food security across the continent.

Read more: Afreximbank, UBA announce initial release of $2.25 billion to support Nigeria’s oil industry

He talked about the necessity for Zambia to utilise the allocated funds effectively for economic development.

“The funding is expected to play a pivotal role in mitigating the adverse effects of climate change and advancing Zambia’s economic agenda under President Hichilema’s leadership,” Orama said.

He also elaborated on the broader objective of the financing, which aimed to enhance food security in African countries and safeguard their sovereignty over food production.

This initiative is said to align with Afreximbank’s commitment to supporting sustainable economic growth and development across the continent.

In response, President Hichilema expressed gratitude to Afreximbank for its generous support, highlighting the critical importance of this financing in the face of Zambia’s current food security crisis.

Hichilema noted the urgent need to ensure food security and job creation through value addition across various sectors of the economy.

The partnership between Zambia and Afreximbank is said to underscore the importance of international cooperation and financial support in driving economic transformation and resilience, particularly in the face of global challenges such as climate change and food insecurity.

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