Zambia, Qatar seal US$19 billion investment deal

Zambia has secured a landmark investment commitment worth US$19 billion from Qatar, following the signing of a Memorandum of Understanding (MoU) that will strengthen cooperation across 11 key sectors of the economy.

The agreement was signed in Lusaka between the Industrial Development Corporation (IDC) and Qatar’s Al Mansour Holdings, witnessed by President Hakainde Hichilema and Al Mansour Group Chairman, Mansour Bin Jabor Bin Jassim Al Thani.

The wide-ranging deal covers energy, mining, agriculture, infrastructure, banking, telecommunications, housing, tourism, education, health, and environmental sustainability.

President Hichilema hailed the signing as a major breakthrough, describing it as a step toward cementing Zambia’s growing partnership with Qatar.

He stressed the urgent need for investment in the energy sector, pointing to the country’s ongoing electricity challenges, and called for a clear roadmap to translate the MoU into tangible projects.

“This collaboration is not just about signing documents; it is about driving real change for our people. We are committed to ensuring that every sector outlined benefits from this cooperation,” President Hichilema said.

Al Mansour Holdings Chairman, Nidal Ammache, pledged Qatar’s full support for Zambia’s development agenda, stating that the Gulf nation was eager to expand its investment footprint in Africa.

He noted that Zambia’s political stability and economic potential provided a solid foundation for long-term partnerships.

Acting Foreign Affairs Minister, Rodney Sikumba, added that the deal reflects Zambia’s determination to broaden its international ties, emphasizing that the two nations were now positioned for a stronger and mutually beneficial relationship.

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