President Edgar Lungu has expressed optimism that the Abu Dhabi Fund for Development will consider the country’s request to finance infrastructure development.
The Zambian government has submitted four priority infrastructure development projects to the Abu Dhabi fund, for financing consideration.
ZANIS reports that President Lungu expressed optimism when he paid a courtesy call on the Abu Dhabi Development Fund in Abu Dhabi today.
The four projects are the rehabilitation of the 238 kilometre of the Serenje-Mpika road, which forms part of the North-East corridor, linking Zambia to the port of Dar es salaam in Tanzania. The other project includes the upgrading of a 225 kilometre Kasela – Kaona road, which links the mineral –rich, North Western Province in Zambia, to the ports in Wavis Bay in Namibia and Durban in South Africa.
Brit brought dye at Chirundu which links Zambia to Zimbabwe is also on the list and the re-development of Misisi and Chibolya unplanned settlements located on prime land within 1.5 killomitres of the Central Business District.
President Lungu stressed that to further encourage investment in the economy, his administration has been promoting business partnerships between Zambia and foreign owned companies and institutions as well as Public Private Partnerships (PPP) were synergies are created.
He explained that Zambia has a predictable and well-developed legal framework backing investment promotion and protection with standards of treatment to protect and guarantee investments with legislated property rights to full and market value compensation.
He stated that Zambia has numerous investment opportunities in all sectors of the economy such as agriculture and agro processing, infrastructure development, mining, energy, construction, tourism among others. He encouraged the Abu Dhabi Development Fund to invest and undertake projects in Zambia.
And Abu Dhabi Fund for Development Director General, Mohammed Saif Al Suwaidi, states that the private sector is the leading economic driver of any economy hence the need to support it.
Al Suwaidi said the Fund will look at the projects submitted as well as other sectors to see which ones to embark on. He expressed confidence that the two countries will collaborate on various developmental projects including energy, infrastructure and trade.
The Abu Dhabi Fund for Development is an autonomous national entity affiliated with the Abu Dhabi government. It aims to help developing countries to achieve sustainable socio-economic growth through financial assistance in the forms of concessionary loans, managing government grants and equities.
The Fund embodies the UAE‘s commitment to actively support the development process of emerging countries. Infrastructure development is among the Zambian Government priority areas, which is upheld in the country’s Seventh National Development Plan (7NDP) including the Vision 2030.