World Bank pumps in US$50 million agribusiness project

The World Bank has pumped US$50 million in the Zambia Agribusiness and Trade Project (ZATP) which is expected to benefit individual farmers and SMEs.

Speaking at the launch of the project in Lusaka, World Bank Country Manager Ina-Marlene Ruthenberg says the bank has given ZATP a US$50 million loan to ensure the program is a success.

Ms Ruthenberg Zambia needs to diversify its economy, noting that the Zambia Agribusiness and Trade Project could be one of the solutions to the country’s diversification agenda.

Speaking when she officially launched the project, Commerce, Trade and Industry Minister Margret Mwanakatwe observed that in order to achieve the Vision 2030 target, there is need to diversify the economy and the agriculture sector.

Ms Mwanakatwe says the government is committed to transforming the agriculture sector in line with the 7th National Development Plan whose goal is to create a diversified and resilient economy.

She says government is also aware of the constraints facing farmers and Small and Medium Entrepreneurs (SMEs) which hinder them from growing.