African Development Bank Group President Sidi Ould Tah and Zambian President Hakainde Hichilema met on the sidelines of the third African Development Fund (ADF-17) replenishment meeting in Lusaka, reaffirming their shared commitment to enhancing the well-being of Zambians.
During the meeting, President Ould Tah expressed gratitude to the Zambian government for hosting the ADF-17 replenishment meeting and for its pledge of $5 million to the fund. The African Development Fund, the concessional lending arm of the Bank Group, supports transformative development projects across the continent. Ould Tah praised Zambia’s leadership in fostering regional collaboration.
President Hichilema endorsed the Bank’s vision for a new African financial architecture, which aligns with the African Union’s reform agenda. This vision emphasizes reducing capital costs, ensuring debt sustainability, and addressing risk perceptions to unlock greater economic potential for African nations.
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The African Development Bank Group’s 2024–2029 Country Strategy Paper for Zambia, unveiled during the meeting, outlines two core priorities: accelerating private sector growth through strategic infrastructure investments and bolstering agricultural value chains to create employment opportunities, particularly for youth and women. These focus areas will guide the Bank’s operations in Zambia over the next five years, aiming to drive inclusive and sustainable economic growth.
The ADF-17 replenishment meeting underscores the Bank’s ongoing efforts to mobilize resources for Africa’s development. Zambia’s role as host and contributor highlights its commitment to regional progress and economic resilience..
