The United States of America has inked what is being described as a landmark project with the Government of Zambia.
According to an official statement from the U.S Department of State, the signed project is valued at USD 491 million and is intended to deliver sustainable and inclusive economic growth for the people of Zambian.
This development comes just as Zambia celebrates 60 years of the country’s independence.
Essentially the United States and Zambia have reached an agreement to catalyze Growth in the Southern African country’s Agricultural Sector.
This Millennium Challenge Corporation compact is based on a USD 458 million debt-free grant from the United States and a USD 33 million investment by the Zambian government.
It is intended to develop infrastructure in assisting the farmers in Zambia as well as the country’s rural communities in accessing regional and global markets, support policy reforms to catalyze agricultural sector growth, and complement the U.S. government’s investments in the multi-state Lobito Corridor railway project.
The official dispatch says the United States was committed to the 60-year partnership with Zambia as the country seeks to reduce poverty and foster a democracy that contributes to regional security and prosperity.
“We look forward to working closely with our partners in Zambia through this compact to unlock economic potential and deliver life-changing results for the Zambian people,” reads part of the statement.
Zambia is a country endowed with ample natural resources, including a variety of minerals, wildlife, forest cover, freshwater, and arable land.
The country with a population of 20 Million, is also described to be a more democratic and investor friendly nation, compared to its neighbors.
Zambia was listed among the top-ten reformers in the World Bank’s Ease of doing business index during the WB tally of 2010. The country’s total GDP averages at USD 30 Billion.
The country is usually referred to as being in South-Central Africa or Southern Africa.
Zambia is bordered to the north by the Democratic Republic of the Congo, to the North-East by Tanzania and to the East by Malawi.
The landlocked country borders Mozambique to the southeast, Zimbabwe and Botswana to the south, Namibia to the southwest, and Angola to the west.
Lusaka located in the south-central parts is the country’s capital and where majority of Zambian residents live.
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