Supporting private sector development in Zambia

I recently had the opportunity to visit Lusaka, the buzzing capital of Zambia, where I met with key government officials and private sector leaders. We exchanged ideas on enhancing private sector development by addressing barriers to private investment and fostering private sector-led growth and job creation. I left energized with new ideas on how we can expand our partnerships in Zambia to support the country’s sustainable growth.

In talks with H.E. President Hakainde Hichilema, Minister of Finance Dr. Situmbeko Musokotwane, Secretary to the Treasury Felix Nkulukusa, and other senior officials, we discussed improving the investment climate and regulatory environment, enhancing support to SMEs, and increasing private sector engagement in the development of key enabling sectors like infrastructure, energy, transport, and ICT, as well as agribusiness and financial services.

My visit also coincided with the first Private Sector Day, an important event hosted by the President of Zambia to encourage private sector development. IFC has been supporting the government to create an enabling environment for private investment by working through the government-led Public Private Dialogue (PPD) Forum. I signed an MoU with the government of Zambia to co-fund and support the PPD Forum’s ongoing work with the goal of attracting more investment to the country.

The PPD Forum will play a key role in cultivating mutual trust between the public and the private sectors and support efforts to attract private investment that supports the country’s development goals. Zambia can also leverage its access to IDA Private Sector Window (PSW) facilities, which can be powerful tools to facilitate increased private sector participation.

I also had good discussions with Dr. Denny Kalyalya, Governor of the Bank of Zambia. We shared insights on potential areas of collaboration to expand financial inclusion and strengthen the financial system by increasing finance for entrepreneurs and small businesses in Zambia.

During my visit, I signed an agreement with Zambeef Products PLC, one of the country’s leading agribusiness companies, to strengthen the agricultural sector by expanding local food production and processing and improving access to markets for local suppliers. Zambia has great potential in the agricultural sector to enhance economic growth, create jobs and fight poverty.

Zambia has made great strides to drive private sector-led economic recovery from the COVID-19 pandemic. IFC is committed to supporting the country’s economic transformation agenda.

A big thank you to the clients, staff and country partners for hosting me in Zambia. I look forward to our continued work together.