- The European Union (EU) and Zambia have signed a 225 million Euro ($283.1 million) poverty reduction financing package meant to offset the Southern African country's programme towards meeting the Millennium Development Goals.
Zambia is the first of seven African countries to sign the MDGs grant contract with the EU, others also expected to sign in the near future are Ghana, Rwanda, Uganda, Mozambique, Burkina Fasso and Mali.
EU commissioner for development aid Louis Michel and Zambia Finance Minister Situmbeko Musokotwane signed the agreement in Lusaka yesterday, explaining that it will help the country lift millions of its people out of poverty.
"The European Union has committed a grant of 225 million euros to the government of Zambia for a period of six years to support the country's efforts to improve efficiency and its poverty focused public programmes," the EU explained statement said.
Mr Michel said Zambia faced huge challenges because of the financial crisis, which adversely affected the country's copper production.
"I firmly believe that this aid modality is a powerful tool to strengthen national systems, ensure full ownership, guarantee predictability, and improve domestic accountability by involving parliament and civil society," he said.
The International Monetary Fund also this week pledged its readiness to increase balance of payments support to Zambia to help it deal with the effects of falling copper prices and the global economic slowdown.
Economic growth in Zambia has been reported to be slowing down as a result of the global financial crisis, the IMF has said.
"The mining sector, a mainstay of the Zambian economy, has been hard hit by the sharp fall in copper prices since mid-2008, which has resulted in cutbacks in production and the scaling back or suspension of expansion projects. Sectors with links to the copper industry are also being adversely affected, as are other sectors facing weaker external or domestic demand," said Francesco Caramazza, who was in Zambia heading the IMF mission.
afrol News - It is called "financial inclusion", and it is a key government policy in Rwanda. The goal is that, by 2020, 90 percent of the population is to have and actively use bank accounts. And in only four years, financial inclusion has doubled in Rwanda.
afrol News - The UN's humanitarian agencies now warn about a devastating famine in Sudan and especially in South Sudan, where the situation is said to be "imploding". Relief officials are appealing to donors to urgently fund life-saving activities in the two countries.
afrol News - Fear is spreading all over West Africa after the health ministry in Guinea confirmed the first Ebola outbreak in this part of Africa. According to official numbers, at least 86 are infected and 59 are dead as a result of this very contagious disease.
afrol News - It is already a crime being homosexual in Ethiopia, but parliament is now making sure the anti-gay laws will be applied in practical life. No pardoning of gays will be allowed in future, but activist fear this only is a signal of further repression being prepared.
afrol News / Africa Renewal - Ethiopia's ambitious plan to build a US$ 4.2 billion dam in the Benishangul-Gumuz region, 40 km from its border with Sudan, is expected to provide 6,000 megawatts of electricity, enough for its population plus some excess it can sell to neighbouring countries.
front page
| news
| countries
| archive
| currencies
| news alerts login
| about afrol News
| contact
| advertise
| español