Zambia emerged top performer in managing development funds in Africa – Chipoka
GOVERNMENT through the Ministry of Commerce, Trade and Industry has secured a massive financial injection of US$170 million aimed at supporting cooperatives and businesses involved in value addition.
During a courtesy call on United Church of Zambia (UCZ) Synod Bishop Festus Chulu, Minister of Commerce, Trade and Industry Chipoka Mulenga revealed that Zambia had emerged as a top performer on the continent in managing development funds, an achievement he attributed to securing the financial grant under a continental program.
“We got a financing grant of U$170 million,” the Minister said.
“Last year, we got about U$55 million. It’s given to a number of countries in Africa, so I think our performance as a country was very good. We topped Africa. There was a lot of transparency in the way we used it.”
The funding, part of a Ministry-led project, is specifically designed to support cooperatives and companies that are adding value to raw materials especially in agriculture and food processing.
“This financing model is to support only cooperatives and companies,” Mulenga explained.
“You may have a farm, but you don’t have the facilities to process, so that is what we finance.”
He explained that grant amounts can reach up to US$2 million per cooperative adding that alongside the grants, registered companies could also apply for loans under the same initiative.
“Sometimes it comes in the form of cash, and sometimes it comes in the form of equipment and other things,” he said.
In response, Rev. Chulu welcomed the offer and affirmed the Church’s commitment to working with government in driving development across Zambia.
“The word of assurance is that the Church will always be there to pray and support in whichever way that can help us move together as a nation,” said the Bishop.
“Especially when we talk of issues to do with development and improving on the livelihood of our people in our country.”
He also expressed gratitude for the Minister’s visit and the resources being made available.
By George Musonda
Kalemba April 6, 2025