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The Millennium Challenge Corporation (MCC) has awarded Zambia a compact of US$458 million, following more than US$377 million in previous grant funding.
MCC Principal Deputy Vice President, Kyeh Kim, announced this on Wednesday evening at MCC Headquarters in Washington, D.C., celebrating the completed negotiations.
This information was shared by Charles Tembo, the First Secretary for Press and Public Relations at the Zambian Embassy in Washington, D.C.
Kim highlighted that this deal was the fastest ever negotiated in MCC’s history and praised the Zambian government for its dedication to improving the lives of its people.
“This will continue to push for the prosperity of the Zambian people. The compact started about three years ago. I am hopeful that the agriculture sector will improve agro-business,” she said.
She expressed confidence that the collaboration between MCC and Zambia would yield positive results and emphasized the importance of maintaining the same spirit and cooperation during the implementation process.
Secretary to the Treasury, Felix Nkulukusa, noted that the preparations and commitment from both MCC and Zambia demonstrated a strong desire to foster economic growth.
“We are sure that the implementation will be in the shortest time. The first compact taught us valuable lessons, and we are confident that the second compact will be implemented even more effectively,” Nkulukusa said.
Zambia’s Ambassador to the United States, Chibamba Kanyama, praised the Zambian delegation for their dedication.
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He also expressed optimism that the renewal of AGOA would enable Zambia to increase its agricultural exports.
“The proposed compact is anticipated to target the agriculture and agro-processing sectors, which have been identified as the most promising areas to unlock inclusive economic growth,” Kanyama noted.
President Hakainde Hichilema’s Economic Advisor, Dr. Pamela Nakamba, was among the Zambian delegation in Washington, D.C.
In May 2024, MCC Chief Executive Officer Alice Albright visited Malawi and Zambia to celebrate progress on partnerships aimed at reducing poverty.
During her visit to Zambia, Albright met with President Hichilema and other officials to acknowledge the rapid progress in finalizing the new MCC-Zambia compact.
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