By Jane Chanda
Finance and National Planning minister Dr. Situmbeko Musokotwane says Zambia has secured a $50 million cooperation agreement signed with the Arab Bank for Economic Development in Africa (BADEA) for the construction of the Kalabo-Sikongo-Angola Road Project.
In a statement yesterday, Dr. Musokotwane stated that the agreement had potential to drive industrial development, innovation, infrastructure growth, and economic empowerment.
He state that the improved road network would yield more job opportunities, enhance cross-border trade, and lift more people in the region above the poverty line.
De Musokotwane stated that the project would connect remote areas of Western Province to the rest of the country, thereby improving trade between Angola and Zambia.
Dr. Musokotwane described the signing of the agreements as “a true testament of the commitment of the two parties to promotion of sustainable development for the betterment of the people of Zambia.
Dr. Musokotwane also stated that the capacity-building component of the agreement would focus on enhancing the skills of public officials in key sectors such as finance, trade, and energy development, ultimately empowering Zambia to effectively manage development projects and ensure long-term sustainable progress.
The minister also extended an invitation to investors from Saudi Arabia and the Middle-East Region to explore opportunities in Zambia’s energy, mining, and agriculture sectors.
“We invite investors from Saudi Arabia and the Middle East to explore opportunities in Zambia’s energy, mining, and agriculture sectors,” Dr. Musokotwane stated.
He also also stated that Zambia’s long-standing partnership with the Arab Bank for Economic Development in Africa (BADEA) had yielded significant benefits.
Specifically, he pointed out that BADEA’s financing assistance to Zambia had reached $186.085 million since 1976, covering 22 projects across various sectors.
BADEA president Dr. Sidi Ould Tah, echoed Dr. Musokotwane’s sentiments, stating that the Kalabo-Sikongo-Angola Border Project was a cornerstone of Zambia’s development strategy.
“By opening up access to Angolan ports, this road will facilitate greater trade, accelerate economic growth, and strengthen regional integration,” he stated.
Dr. Sidi Ould Tah stated that the successful signing of these agreements represented a pivotal moment in Zambia’s development journey, marking significant progress toward enhanced regional integration, economic growth, and poverty reduction, and solidifying BADEA’s commitment to supporting Zambia’s sustainable development.
