Maravi

ADB earmarks US$2.6bn for investments in member states

ADB earmarks US$2.6bn for investments in member states
By Fridah Zinyama and Kabanda Chulu
Sunday August 03, 2008 [12:57]

THE African Development Bank (ADB) Group has set aside about US$2.6 billion for both short and long-term investments in different sectors of its member countries. And finance minister Ng’andu Magande said the ADB fully supports Zambia’s development agenda, priorities and focus.

During the launch of the African Development Bank offices at the Pyramid Plaza at Holiday Inn Hotel on Friday, ADB president Dr Donald Kaberuka said of the US$ 2.6 billion, $2 billion would be invested in medium to long-term interventions largely focussing on, among other things, the African Fertiliser Financing Mechanism and increased access to irrigation for its member countries.

“The funds will be used to increase NERICA (New Rice for Africa) rice production, improved rural infrastructure, policy dialogue, trade promotion and strengthening agriculture research and knowledge products,” he said.

Dr Kaberuka said the remaining $ 600 million was meant to support short-term measures to boost food production in member states.

“I would like to commend the Zambian authorities for a good food strategy which has cushioned the people of Zambia against the recent global price increases,” he said. “But I would like to urge the planners to immediately embark on strengthening the mitigation measures, which will cushion further, the poor consumers while at the same time, prepare the farming communities to take advantage of the rising food prices.”

And Magande said ADB has been very supportive of the Zambian government and its financial support had been in both the public and private sectors.

“The bank’s current support to Zambia is in water and sanitation, social sector, agriculture and energy,” he said.

Magande said the opening of ADB’s offices in Zambia was of vital importance to Zambia as it would assist the country to receive quick responses to requests on issues and problems regarding development assistance.

Labels: AfDB, INVESTMENT

posted by MrK @ 8:10 PM