Zambia has entered into a cooperation agreement worth US$50 million with the Arab Bank for Economic Development in Africa (BADEA) to support the construction of the Kalabo-Sikongo-Angola Road Project in Western Province.
Additionally, the two parties have signed a capacity-building agreement amounting to US$500,000, aimed at training and developing public officials in the finance, trade, and energy sectors.
The agreements were formalized today in Riyadh, Saudi Arabia, by Finance and National Planning Minister Situmbeko Musokotwane and BADEA President Dr. Sidi Ould Tah.
During the signing ceremony, Minister Musokotwane emphasized that the US$50 million concessional agreement is designed to advance the sustainable development goals related to industrial development, innovation, and infrastructure. He stated that the agreement would also promote business ventures to enhance the economic prosperity of the Kalabo-Sikongo-Angola border areas.
Musokotwane assured that the project would improve connectivity for remote areas in Western Province, especially during the rainy season when access is often restricted. He expressed optimism that trade between Zambia and Angola would increase, supporting efforts toward regional integration.
The Minister highlighted that the Kalabo-Sikongo-Angola Border Area Project aligns with both the Sustainable Development Goals and Africa’s Agenda 2063, paving the way for a more prosperous future for the region. He described the signing of the cooperation agreements as a strong indication of the commitment from both parties to foster sustainable development.
Furthermore, Musokotwane extended an invitation to investors from Saudi Arabia and the broader Middle East to explore investment opportunities in Zambia’s energy, mining, and agriculture sectors.
Zambia’s Ambassador to Saudi Arabia, Duncan Mulima, was present at the signing ceremony. BADEA President Dr. Tah remarked that the Kalabo-Sikongo-Angola Border Project is a key element of Zambia’s development strategy and underscores the country’s development aspirations. He stressed that investment in infrastructure and human capital is essential for creating a more prosperous and inclusive future for Zambians.
The partnership between Zambia and BADEA has been strong since 1976, with total financing assistance reaching US$186.085 million for 22 projects across various sectors. BADEA’s initial financing of the Ndola-Kitwe Road and its involvement in the early phases of the Mongu-Kalabo Road are notable examples of this ongoing support.
The funding allocated for these 22 projects includes 13 in the public sector, six for technical assistance, two for a lending fund, and one for foreign trade financing. Currently, the only ongoing project is the construction of the Cancer Treatment Centre.
This information was provided in a statement issued to ZNBC News by the Office of the Secretary to the Treasury.
