New Country Partnership Framework to Support Zambia to Achieve Sustainable Economic Growth

LUSAKA, October 8, 2024 - The World Bank Board of Executive Directors today endorsed a new five-year (2024 - 2029) Country Partnership Framework (CPF)to support Zambia in achieving sustainable private sector-led economic growth, enhancing climate resilience, and improving the well-being of its people.

"This new CPF outlines the priorities for the World Bank Group's engagement to support Zambia during a critical time of recovery from shocks and refocus on inclusive and more resilient growth and job creation," saidAchim Fock, World Bank Country Manager for Zambia.

Specifically, the new CPF will focus on three thematic areas: creating more and better jobs, improving human capital, and enhancing climate resilience, all in alignment with Zambia's 8th National Development Plan and Vision 2030.

Despite improvements in education, health, and social protection, challenges remain in access to and quality of services. This CPF will support efforts to improve service delivery to improve human capital outcomes and reduce persistent poverty, and high inequality, especially in rural areas.

The CPF will prioritize private sector-led growth to foster conditions for inclusive, sustainable, and resilient economic development. It will also prioritize skills development, access to finance, and support for entrepreneurship, ensuring that women and the youth are not left behind.

"Through this CPF the International Finance Corporation (IFC) will promote sustainable private sector development by working on advisory programs to improve the investment climate, supporting SMEs, and proactively engaging in the development of key infrastructure sectors including renewable energy, telecoms and digital, agribusiness, tourism, and financial services," said Madalo Minofu, Country Manager for Zambia.

"The Multilateral Investment Guarantee Agency (MIGA) will continue to support Zambia by providing guarantees to improve agriculture productivity, boost job creation, deepen financial inclusion, and increase access to cleaner energy," said Jessica Charles Wade, MIGA Senior Risk Management Officer.

The CPF is informed by extensive consultations with a broad range of stakeholders in Zambia, which included government, private sector representatives, civil society, youths, faith-based organizations, academia, think tanks, and development partners.