Africa-Press – Zambia. World Bank Director for Zambia, Malawi, Tanzania and Zimbabwe Director Nathan Belete has disclosed that the Bank has given Zambia over 900 milion dollars in grant since July 2023 in an effort to cushion the Country against the after effects of its debt situation.
Speaking in an exclusive interview with the Zambian Business Times (ZBT) Belete said the World Bank has also extended a 150 milion million dollars towards enhancing the social aspects of womenand girls, at the same time 100 million dolars towards alleviating the challenges that surround the energy sector amidst the drought.
“I am excited to be here for the launch of the Country Economic Memorandum with the Minister of Finance and the Minister of Agriculture, that focuses on jobs and the future for enhancing economic growth in Zambia, in addition to that we had to sign two new financing agreements one for social protection projection called GEWEL the second phase of that for a hundred and fifty milion dollars and the second for the energy sector called NEAT, we are excited with the quality of collaboration with Zambia, we believe that Zambia is undertaking important and tough reforms to get back on sound economic footing and as a result and as a result the World Bank has committed record levels of financing and in the last 12 months we have approved almost 900 million dollars of grant financing since July of last year to june of this year and this is a result of belief of the policies in the current administration and the urgency to advance the growth agenda here,” he said.
Belete reiterated that the World Bank has only been able to provide grants to Zambia since July last year due to the Country’scurrent debt and macro situation.
When asked about the benefits accrued to the deal towards the World Bank Belete echoed “our goal
is to help Governments improve the livelihoods of citizens and its for that reason that we are providing financing in Zambia, because we believe the right economic policies are in place and we want to support and the return in the investment for us is to see improved livelihoods across the Country,” he said.
He revealed that another US$200 million dollars will be going for approval this month in reacting to the drought that Zambia is undergoing.
“So all of our financing since last year are grantsand there is no loan nor credit that has been extended to Zambia since July last year and this is as a result of the debt situation.”
Asked about the world Bank’s interest in all these deals especially that they don’t intend to get back the money, Belete said, the goal of the world Bank is to eliminate poverty and advance shared prosperity on a livable planet, “so our goal is to help Governments improve livelihoods of the citizens and its for that reasons that we are providing financing in Zambia because we believe that the right policies are in place and we want to support the citizens improve their livelihoods and so the return for us on this investment is to see improved livelihoods.
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