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US government announces $10 million concessional loan to 260 Zambian enterprises


Some U.S. Senators met with President Hakainde Hichilema in Lusaka on Tuesday to learn more about the impact of US-government investments and programmes.

During the meeting, the US congressional delegation led by Senator Patty Murray, announced that International Development Finance Corporation (IDFC) would provide a US$10 million concessional loan to 260 brands.

The US$10 million concessional loan is meant to expand their storage and production capacity for maize-based, soya-based, Hichilema learnt.

The delegation through Murray added that the loan would also improve production of other nutritious and affordable consumer food products, strengthening food security.

“The loan facility was a follow up to the earlier support from the U.S. Agency for International Development, last month at the Partnership for Global Infrastructure and Investment Lobito Corridor Private Sector Investment Forum in Zambia,” Murray said.

Separately, the delegation met with members of the private sector and civil society to discuss efforts to bolster Zambia’s economic growth and support for democratic governance.

The delegation which completed a two-day-visit to Zambia on Tuesday included Senators Christopher Coons, Gary Peters, Catherine Cortez Masto and Peter Welch.

The delegation met with the President and ministers to explore how the U.S. can support reforms to the business enabling environment to attract greater investment and better spur economic growth.

The government leaders discussed the decades-long U.S. support for the health and agriculture sectors and strategies for systematically expanding agricultural productivity and sustaining Zambia’s improvements in public health.

They also emphasized the central roles of the rule of law and fundamental freedoms to accountable and responsive democratic governance.

After the meeting, Hichilema shared on his Facebook handle: “This morning at State House, we held a meeting with the U.S. congressional delegation led by Senator Patty Murray.

The other senators included; Senator Chris Coons from Delaware, Senator Gary Peters from Michigan, Senator Catherine Cortez Masto from Nevada and Senator Peter Welch from Vernmont.”

Read More: U.S govt announces $20 million support to Zambia’s agric sector, climate adaptation activities

He said that during the meeting, a wide range of issues were discussed including the friendship that Zambia shares with the United States.

“We briefed the delegation on how Zambia is repositioning its social, economic and political journey, with the national development plan as the blue print,” Hichilema said.

He added that other issues discussed included the drought, food security and jobs for the women and youth.

“We also thanked them for the support in the recently concluded debt restructuring process. We shall continue to engage with partners for the betterment of our country,” Hichilema said.

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