Zambia and the African Development Bank (AfDB) have indicated their mutual commitment towards development, in a meeting held at Zmabia’s State House, President Hakainde Hichilema expressed great pleasure in welcoming Dr. Adesina Akinwumi, the President of AfDB, and his delegation. The gathering highlighted the long-standing collaboration between Zambia and AfDB, emphasizing the importance of this relationship in fostering development.
During the meeting, President Hichilema commended President Adesina for his exceptional leadership at AfDB and acknowledged the institution’s contributions to the continent. The AfDB has played a crucial role in providing resources and advocating for Africa’s interests on the global stage, including addressing the high cost of capital.
Drawing a parallel with the burden of debt, President Hichilema described the high cost of capital as a constricting python that hampers development and obstructs joint efforts to enhance Africa’s credit profile. Recognizing the innovative support programs offered by AfDB, President Hichilema called for the implementation of a time-bound joint action plan to address these initiatives, which will enable Zambia to expand its capacity for development.
Expressing gratitude for AfDB’s unwavering support in Zambia’s debt restructuring project, President Hichilema urged President Adesina to continue with the same determination in assisting with Euro bondholders through the Africa Legal Support Facility, led by AfDB. The collaboration between Zambia and AfDB in addressing debt challenges demonstrates the commitment to finding sustainable solutions and paving the way for economic growth and stability.
Zambia and AfDB share a vision for transforming the continent and improving the lives of its people. The meeting between President Hichilema and President Adesina underscored the importance of continued collaboration and cooperation in achieving common development goals. By leveraging the resources, expertise, and support of AfDB, Zambia aims to accelerate its development agenda and promote sustainable and inclusive growth.
The visit of by the ADFB President and his delegation further solidified the partnership between Zambia and AfDB. Both parties are committed to working together to overcome challenges, foster economic resilience, and create opportunities for the people of Zambia and the African continent as a whole.