Washington, DC – Zambia has secured a substantial $458 million grant from the Millennium Challenge Corporation (MCC) to bolster its economy, particularly in agriculture and agro-processing. This latest funding surpasses the previous $377 million grant awarded to the Southern African nation.
The announcement was made Wednesday evening at MCC headquarters by Principal Deputy Vice President Kyeh Kim, who lauded Zambia’s commitment to transforming the lives of its citizens. She highlighted the record-breaking speed of the negotiation process, attributing it to the strong partnership between the two nations.
“This compact is a testament to the unwavering dedication of the Zambian government to its people,” Kim stated. “We are optimistic that the agriculture sector will significantly benefit, leading to increased agro-business and overall prosperity for Zambia.”
The grant comes on the heels of a visit by MCC CEO Alice Albright to Malawi and Zambia in May, where she celebrated the progress made in both countries. During her Zambian visit, Albright met with President Hakainde Hichilema and other government officials to express gratitude for their swift progress in finalizing the compact.
Secretary to the Treasury Felix Nkulukusa expressed Zambia’s enthusiasm for the grant, emphasizing the country’s readiness to expedite implementation. He expressed confidence that lessons learned from the previous compact will be applied to optimize the impact of the new funding.
Zambia’s Ambassador to the United States, Chibamba Kanyama, commended the Zambian delegation for their dedication and expressed optimism about the country’s export potential, particularly in agriculture, once the African Growth and Opportunity Act (AGOA) is renewed.
The proposed compact will prioritize investments in agriculture and agro-processing, sectors identified as key drivers of inclusive economic growth. Dr. Pamela Nakamba, President Hichilema’s Economic Advisor, was part of the Zambian delegation that successfully negotiated the deal.
