Zambia President Welcomes African Development Bank President to Strengthen Collaboration and Foster Development

Zambia President Welcomes African Development Bank President to Strengthen Collaboration and Foster Development

President Hakainde Hichilema expressed great pleasure in welcoming Dr. Adesina Akinwumi, the President of the African Development Bank (AfDB), and his delegation to Zambia. The meeting held at State House highlighted the enduring collaboration between Zambia and AfDB, underscoring the critical role of this relationship in fostering development across the African continent.

Commendation for AfDB’s Leadership and Contributions

During the meeting, President Hichilema lauded President Adesina for his exceptional leadership at the African Development Bank and acknowledged the institution’s significant contributions to the continent. AfDB has been instrumental in providing crucial resources and advocating for Africa’s interests on the global stage, including efforts to address the high cost of capital that hampers development across the region.

Addressing the “Constricting Python” of High Cost of Capital

Drawing a parallel with the burden of debt, President Hichilema likened the high cost of capital to a constricting python that stifles development and obstructs joint efforts to enhance Africa’s credit profile. Recognizing the innovative support programs offered by AfDB, President Hichilema called for the implementation of a time-bound joint action plan to address these challenges, enabling Zambia to expand its development capacity.

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Gratitude for AfDB’s Support in Debt Restructuring

President Hichilema expressed gratitude for AfDB’s unwavering support in Zambia’s debt restructuring project. He urged President Adesina to continue with the same determination in assisting with Euro bondholders through the Africa Legal Support Facility, led by AfDB. This collaboration reflects the commitment to finding sustainable solutions and paving the way for economic growth and stability in Zambia.

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Shared Vision for Transforming the Continent

The meeting between President Hichilema and President Adesina underscored the importance of continued collaboration and cooperation in achieving common development goals. By leveraging the resources, expertise, and support of AfDB, Zambia aims to accelerate its development agenda and promote sustainable and inclusive growth.

(Read Also: Zambia’s Debt Restructuring to Yield $7.65 Billion Savings by 2026, IMF Reports)

Solidifying the Partnership

The visit of the AfDB President and his delegation further solidified the partnership between Zambia and AfDB. Both parties are committed to working together to overcome challenges, foster economic resilience, and create opportunities for the people of Zambia and the African continent as a whole.