Melo Media, Monday, 20th November, 2023
Zambia’s President Hakainde Hichilema has announced that the country has officially expressed its interest in joining the Compact with Africa initiative (CWA). The CWA is an initiative aimed at promoting private investment, economic growth, and sustainable development in African countries. By joining the initiative, Zambia hopes to attract more investment and strengthen its economy.
This initiative has been instrumental in promoting export growth, attracting Foreign Direct Investment, and generating employment opportunities in various African nations.
During a private meeting with German Chancellor Olaf Scholz at the Federal Chancellery in Berlin, Zambia’s President expressed interest in joining the Compact With Africa Initiative.
Zambia’s President Hichilema expressed gratitude for Germany’s support in Zambia’s debt restructuring process through the G20 common framework. Additionally, President HICHILEMA expressed interest in joining the Compact With Africa Initiative, which aims to promote private investment and economic development in African countries.
These projects include water and sanitation, good governance, and agriculture, with a total investment of 77 Million Euros.
President Hichilema of Zambia has expressed interest in joining the Compact With Africa Initiative and has extended an invitation to German companies to invest in Zambia and collaborate with local businesses through joint ventures.
Zambia has expressed its interest in collaborating with Germany in the electric battery value chain industry. The country is eager to join the Compact With Africa Initiative and work together with Germany to develop and strengthen its electric battery sector.
Zambia’s President Hichilema expressed gratitude for the support received in the water and sanitation sector, specifically mentioning a recently signed financing agreement for a water management project in Zambia’s southern province. The President pledged to fully implement the agreement and utilize the support effectively.
Zambia’s interest in joining the Compact With Africa Initiative has garnered praise from Germany, with Mr. Sholz expressing admiration for the country’s ongoing economic reforms.