Zambia and the Arab Bank for Economic Development in Africa on Sunday signed agreements in Riyadh, Saudi Arabia, for the construction of the Kalabo-Sikongo-Angola road project and a capacity building initiative for Zambian civil servants.
The agreements were signed by Zambia’s Finance and National Planning Minister Situmbeko Musokotwane, and BADEA President Sidi Ould Tah, local media reported.
"The $50 million concessional agreement is part of our broader strategy to strengthen Zambia's infrastructure and promote economic inclusivity. By improving the road network in Western Province, we are not only creating more job opportunities but also facilitating cross-border trade, which will help elevate many people in the region above the poverty line," Musokotwane said.
He also emphasized the road project’s importance in achieving several key sustainable development goals, including industrial development, innovation, infrastructure, decent work, and economic growth.
The capacity-building initiative, worth $500,000, aims to enhance the skills of Zambian officials in finance, trade, and energy to ensure the successful implementation of complex projects and foster sustainable development.
These agreements represent a milestone in Zambia's efforts to strengthen ties with international financial institutions and development partners, contributing to the country's economic prosperity and regional leadership, according to the parties.