The African Development Bank (AfDB) has been given land to construct its offices in Zambia. The Ministry of Foreign Affairs has made land available for the development to take place.
Minister of Foreign Affairs, Mr. Harry Kalaba confirmed the reports and said that the government is excited about the opportunity to work with AfDB. He also said that the country has benefited immensely from the support that the bank is providing in various sectors.
Mr. Kalaba also pointed out that AfDB and Zambia share a lot and will continue to enhance its mutual relations in the future.
The banking facility
The banking facility has been in support of various economic sectors such as transport, water, energy and agriculture. This will eventually enable the country achieve their economic diversification.
Additionally, the Bank has a commitment of ensuring the success of the decentralization policy because of its relevance to the Bank’s regional operations. It includes improved client services delivery, enhanced development partnership through increased policy dialogue; and the implementation of the results framework, especially the management of the Bank’s portfolio.
Zambia has continued to be of strategic importance to the Bank since the 1980s, under the government of President Kenneth Kaunda, when the country hosted the Bank’s Annual Meetings twice, including the historic 1982 opening up of its capital to non-regional members.
The overarching objective of the African Development Bank (AfDB) Group is to spur sustainable economic development and social progress in its regional member countries (RMCs), thus contributing to poverty reduction.
The Bank Group achieves this objective by: mobilizing and allocating resources for investment in RMCs; and providing policy advice and technical assistance to support development efforts.