16 January 2013

Zambia to Benefit From AFDB's U.S.$ 350 Million

Zambia is expected to benefit from the US$350 million set aside by the African Development Bank (AfDB) to fight drought and food insecurity in Africa.

AfDB resident representative to Zambia Freddie Kwesiga said the bank would also provide about $100 million for climate change adaptation for African countries.

Dr Kwesiga said AfDB would provide US$350 million for the fight against drought and food insecurity for the whole of Africa and that, the bank had a solid track record in supporting African countries in developing more sustainable, resilient and greener economies.

He said the green growth offers a pathway towards achieving sustainable development adding that, there was a clear recognition that growth was essentially and important for advancing Africa's development.

"But it was also important to ensure that it is the right kind of growth. Green growth is about quality of growth that we want for Africa," he said.

Dr Kwesiga said the bank had prioritised Green Growth in its long term strategy to support African's transformation into a stable, integrated and prosperous continent.

Speaking during the international workshop on enabling Green Growth in Africa at the Southern Sun Hotel in Lusaka yesterday,

Dr Kwesiga said improving the quality of growth for Africa was key for helping Africa achieve growth that was more inclusive, leading to deep reductions in poverty as well as African transition to green growth that would protect the livelihood of the people.

Dr Kwesiga said the bank was committed to helping Africa's transition to greener growth by increasing the capacity of African economies to reach their development objectives more efficiently by identifying development pathways that reduce the pressure on essential natural assets and better manage environment and socio-economic risks.

Speaking at the same function, Lands, Natural Resources and Environmental Protection Deputy Minister Danny Chingimbu said Zambia like many African countries drives its economy by utilising its abundant natural resources and the environment saying that it was important for the country to sustainably use these resources to reduce poverty in order to become a middle-income country.

Mr Chingimbu said the country had for a long time depended on copper mining as its key contributors to the economy, as a result, the country was faced with numerous challenges of large-scale mineral extraction.

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