Zambia Backs AfDB President’s Vision for New African Financial Architecture
Zambia has expressed strong support for African Development Bank (AfDB) Group President Dr Sidi Ould Tah’s initiative to establish a new African financial architecture aimed at strengthening the continent’s economic sovereignty.
Zambian President Hakainde Hichilema reaffirmed this backing during talks with Dr Ould Tah at State House, Lusaka, on 9 October 2025, following Zambia’s successful hosting of the third meeting of the 17th African Development Fund replenishment cycle (ADF-17).
The discussions highlighted the robust partnership between Zambia and the AfDB, as well as the country’s growing leadership role in Africa’s economic transformation. Dr Ould Tah expressed gratitude to Zambia for hosting the ADF-17 meeting and commended the country’s pledge of $5 million to the fund.
“Zambia’s generosity, leadership, and partnership inspire us all,” Dr Ould Tah said. “Your country’s development trajectory embodies what the ADF seeks to achieve: resilience, inclusion, and self-determination.”
President Hichilema stressed the need for Africa to reduce reliance on external financing and tackle structural imbalances that result in high borrowing costs. He noted that global credit assessments often undervalue African assets, keeping the continent’s cost of capital persistently high.
As one of the African Union’s Champions of Global Financial Architecture Reform, President Hichilema welcomed Dr Ould Tah’s commitment to greater coherence among Africa’s financial institutions. This includes aligning multilateral development banks and regional funds to boost domestic resource mobilisation and blended finance solutions.
The leaders reviewed progress under Mission 300, a joint AfDB-World Bank initiative to extend electricity access to an additional 300 million Africans by 2030. Zambia was among the first nations to sign a Mission 300 National Energy Compact in January 2025, aiming for universal electricity access by 2030, a 33% share of non-hydro renewables, and mobilising $11.9 billion in investment, with 82% expected from the private sector.
“Energy access is the lifeblood of industrialisation,” President Hichilema said, noting Zambia’s readiness to expand the compact model into manufacturing and regional value chains.
The leaders also emphasised the strategic importance of developing transport and trade corridors to underpin Africa’s economic integration and industrial growth. Dr Ould Tah said: “By working together, we can turn transport corridors into corridors of prosperity. The AfDB Group will remain a steadfast partner in building infrastructure that connects markets, creates jobs, and powers Africa’s integration.”
Zambia plans to transform itself into a land-linked hub through investments in the North–South and Lobito transport corridors, both supported by the AfDB.
Dr Ould Tah praised Zambia’s progress in restoring macroeconomic stability and investor confidence, with GDP growth projected at 6.2% in 2025, driven by energy, agriculture, and record copper production. He noted that ongoing reforms and improved debt sustainability are creating renewed space for investment, positioning Zambia as a model of fiscal discipline and resilience.
The AfDB’s 2024-2029 Country Strategy Paper focuses on energy, agriculture, transport, skills development, and private-sector growth. Cumulative ADF support to Zambia exceeds $900 million, financing transformative projects including the Kazungula Bridge, Nacala Road Corridor, Livestock Infrastructure Project, and the Science and Technology Education Project, which has strengthened STEM capacity nationwide.
The meeting concluded with a commitment to deepen collaboration between Zambia and the AfDB to advance Africa’s sovereignty, integration, industrialisation, and human capital – the four pillars of Dr Ould Tah’s strategic vision.
