Zambia is set to become the first African country to benefit from a EUR 400 million agriculture financing scheme through a partnership with the European Investment Bank (EIB), the world’s largest international public bank.
Vice President Thomas Östros of the European Investment Bank is scheduled to make a three-day official visit to Zambia from September 25th to 27th, reinforcing the strong partnership between Zambia and the European Union.
This visit aims to further strengthen ties and explore opportunities for priority investments that can enhance economic prospects and improve lives in Zambia. The European Investment Bank has a long history of supporting key sectors like the private sector, water, energy, and transport in Zambia, with over EUR 1.2 billion invested in the country over the past five decades.
One of the highlights of the visit will be the formal signing of the first financing agreement under the European Investment Bank’s groundbreaking pan-African agricultural and agribusiness financing program, which is backed by the European Union. The agreement, to be signed with Zambian partner First Capital Bank, is expected to unlock significant investment opportunities in agriculture and agribusiness, contributing to food security and agricultural development in Zambia and across Africa.
Additionally, Lusaka will host the European Investment Bank Southern Africa Small and Medium-sized Enterprises (SME) Banking and Finance Academy, with the participation of more than 100 regional banking leaders and international partners. This annual event aims to promote financial inclusion and support small and medium-sized enterprises in the region.
The visit by Vice President Thomas Östros and the EIB team underscores the deepening cooperation between Zambia and the European Union and highlights their commitment to advancing economic growth and development in Zambia and southern Africa.
This significant development demonstrates the potential for increased agricultural investment and financial inclusion in Zambia, aligning with the country’s economic aspirations and the broader goals of enhancing prosperity in the region.