By Chinoyi Chipulu
The Millennium Challenge Corporation (MCC) has given Zambia a compact of $458 million United States Dollars.
The new compact follows more than the 377 million Dollars in grant funding that MCC had previously invested in Zambia.
Speaking at the MCC Headquarters in Washington, D.C., Wednesday evening to celebrate the completed negotiations, MCC Principal deputy Vice-President Kyeh Kim said the deal was the fastest ever done in history.
Kim thanked the Zambian government for its commitment to changing the lives of its people, adding that she was hopeful that the agriculture sector would improve agro-business.
“This will continue to push for the prosperity of the Zambian people. The compact started about three years ago. It has achieved its target and we are hopeful that this compact will improve the agriculture sector and improve agro-business in Zambia. The collaboration between MCC and Zambia will bring results. The same spirit and collaboration should continue during the implementation process,” she said.
And Secretary to the Treasury Felix Nkulukusa said preparations and the commitment from the MCC and the Zambian side showed the desire to foster economic growth.
“We are sure that the implementation will be in the shortest time. The first compact, we learnt the lessons and in the second compact, we are sure that the implementation will even be better,” said Nkulukusa.
Meanwhile, Zambia Ambassador to the United States Chibamba Kanyama commended the Zambian delegation for their commitment to work for the country.
Kanyama expressed confidence that once the renewal AGOA was extended, Zambia would be able to increase its exports in agriculture.
The proposed compact was anticipated to target the agriculture and agro-processing sectors which had been identified as the most promising areas to unlock inclusive economic growth.
President Hakainde Hichilema’s Economic Advisor, Dr Pamela Nakamba, was among the Zambian delegation in Washington, D.C.
In May 2024, MCC Chief Executive Officer Alice Albright, travelled to Malawi and Zambia to celebrate progress on the partnerships with both countries to reduce poverty.
This is according to an statement issued by first secretary press and public relations Charles
Tembo also stated that while visiting Zambia, Albright met with President Hichilema and other government officials to thank them for the rapid progress toward finalizing development of a new MCC-Zambia compact.
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