World Bank Approves Over Two Hundred Million Dollars Loan To Zambia
Written by Olarotimi Oshin on October 27, 2022
The World Bank has approved two hundred and seventy million dollar loan approval in line with its efforts to help the southern African country recover from the devastations of the Covid-19 pandemic.
The Bank also cited economic relief from the war in Ukraine and the management of debt crises as other reasons why it lent the country the substantial sum.
In 2020, Zambia was reported as the first African country since the pandemic to begin to default on its debt.
One of the World Bank’s reports noted how much these factors are affecting Africa. According to the report, one in every five Africans goes to bed hungry and an estimated one hundred and forty million people in Africa face acute food insecurity.
The Bank, however, noted that some African countries including Zambia, Angola, and Tanzania have vast potential to become an agricultural powerhouse if the sector is developed properly. As a result, they have created initiatives to aid such countries.
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