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Zambia : 40 Million USD promised by MIGA for Zambias agribusiness

September 1, 2014

The Multilateral Investment Guarantee Agency (MIGA) anticipates to pledge investment projects worth 40 Million USD in Zambia in the coming 3 months.

MIGA, a political risk insurance and credit enhancement arm of the World Bank, which has almost insured nearly 124 Million dollars in Zambia, mainly in the agriculture sector, stated that it expects to assure additional funds in Zambia because of increased demand.

Michel Wormser, the financial organization s vice-president and chief operating officer said, We have so far seen 125 million dollars of demand of which close to 80 million dollars is in agro-industries. Over the next three months, we expect 40 million dollars more of projects which will take place in Zambia based on the requests we have already received from investors .

The visiting MIGA deputy-president said that the financial institution was holding discussions on how best to increase investments into Zambia.

The official mentioned the energy, agriculture and other job- creating sectors as the areas that were earmarked for private sector investment.

As per to him, diversification of the economy was important if Zambia was to see meaningful development and a reduction in poverty levels.

He added, About 80 percent of exports out of Zambia are from the mining sector yet the sector only accounts for 1.7 percent of the jobs created. To manage poverty, rural growth is important and farming is one of the projects that can support development .

The MIGA deputy president while in Zambia is likely to fulfill government and private sector officials before leaving for Tanzania and later Kenya.

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Source: TendersInfo (India)

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