MCC Awards Zambia $458 Million Compact to Boost Agriculture and Agro-Business
The Millennium Challenge Corporation (MCC) has granted Zambia a compact worth $458 million, aimed at bolstering the nation’s agriculture and agro-processing sectors.
This new compact follows a previous grant of over $377 million that MCC had invested in Zambia.
The announcement was made at MCC Headquarters in Washington, D.C., where MCC Principal Deputy Vice President Kyeh Kim lauded the Zambian government for its swift progress in finalizing the compact.
“This will continue to push for the prosperity of the Zambian people. The Compact started about three years ago. It has achieved its target, and we are hopeful that this Compact will improve the agriculture sector and improve agro-business in Zambia. The collaboration between MCC and Zambia will bring results. The same spirit and collaboration should continue during the implementation process,” said Ms. Kim.
In May 2024, MCC CEO Alice Albright visited Zambia and Malawi to celebrate the progress of partnerships aimed at reducing poverty. During her visit to Zambia, she met with President Hakainde Hichilema and other government officials to express appreciation for their rapid progress towards the new compact.
Speaking at the event, Secretary to the Treasury Felix Nkulukusa emphasized the commitment from both MCC and Zambia to foster economic growth. “We are sure that the implementation will be in the shortest time. The first Compact, we learnt the lessons and in the second Compact, we are sure that the implementation will even be better,” said Nkulukusa.
Zambia’s Ambassador to the United States, Chibamba Kanyama, commended the Zambian delegation for their dedication. He expressed confidence that the renewal of the African Growth and Opportunity Act (AGOA) would enable Zambia to increase its agricultural exports.
The proposed compact, anticipated to target the agriculture and agro-processing sectors, is expected to unlock inclusive economic growth in Zambia. President Hakainde Hichilema’s Economic Advisor, Dr. Pamela Nakamba, was also part of the Zambian delegation present in Washington, D.C.
This significant investment underscores the ongoing commitment of the MCC and the Zambian government to collaborate towards economic development and poverty reduction in Zambia.
This is contained in a statement issued by Charles Tembo, First Secretary Press and Public Relations, Embassy of the Republic of Zambia, Washington, D.C.
