African Development Bank approves $24m loan to support Zambia’s poverty reduction budget programme

The Board of Directors of the African Development Bank (AfDB) has approved a $24-million loan to finance Zambia’s fourth poverty reduction budget support programme.

The loan, AfDB says is part of a $159 million budget support operation financed by the World Bank ($30 million loan), European Commission ($43.5 million grant), UK’s Department for International Development ($41.6 million grant), Germany ($13.6 million grant) and Finland ($6.8 million grant).

According to AfDB, Zambia’s poverty reduction programme aims at improving the efficiency and transparency of public financial management, increase the government’s revenue base to finance pro-poor expenditures and improve access to water and health services in rural areas.

It will also provide safe water supply to 36 districts, improve school enrolment and retention of adolescent girls as well as provide full immunization to children aged below one year in 20 of the country’s poor districts.

“Our goal is to create transparent, efficient and equitable mechanisms to improve public expenditure management and provide better service delivery in the poorest districts of Zambia”, a statement on AfDB’s website quoted Agnes Soucat, AfDB Director for Social and Human Development as saying.

By Ekow Quandzie

Leave A Reply

Your email address will not be published.