Millennium Challenge Corporation grants additional $458 million for Zambia

WASHINGTON, D.C., Thursday 25 July 2024 - The Millennium Challenge Corporation has given Zambia a compact of 458 million United States Dollars.

The new compact follows more than the 377 million Dollars in grant funding that MCC had previously invested in Zambia.

In May 2024, MCC Chief Executive Officer Alice Albright, travelled to Malawi and Zambia to celebrate progress on the partnerships with both countries to reduce poverty.

While visiting Zambia, CEO Albright met with His Excellency President Hakainde Hichilema and other government officials to thank them for the rapid progress toward finalizing development of a new MCC-Zambia compact.

Speaking at the MCC Headquarters in Washington, D.C., Wednesday evening to celebrate the completed negotiations, MCC Principal Deputy Vice President Kyeh Kim said the deal was the fastest ever done in history.

Ms. Kim thanked the Zambian Government for its commitment to changing the lives of its people, adding that she was hopeful that the agriculture sector will improve agro-business.

“This will continue to push for the prosperity of the Zambian people. The compact started about three (3) years ago. It has achieved its target and we are hopeful that this compact will improve the agriculture sector and improve agro-business in Zambia. The collaboration between MCC and Zambia will bring results. The same spirit and collaboration should continue during the implementation process,” said Ms. Kim.

And Secretary to the Treasury Felix Nkulukusa said preparations and the commitment from the MCC and the Zambian side shows the desire to foster economic growth.

“We are sure that the implementation will be in the shortest time. The first compact, we learnt the lessons and in the second compact, we are sure that the implementation will even be better,” said Nkulukusa.

Meanwhile, Ambassador Chibamba Kanyama commanded the Zambian delegation for their commitment to work for the country.

He expressed confidence that once the renewal AGOA is extended, Zambia will be able to increase its exports in agriculture.

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.

President Hakainde Hichilema’s Economic Advisor, Dr Pamela Nakamba, was among the Zambian delegation in Washington, D.C.

Issued by
Charles Tembo
First Secretary Press and Public Relations
Embassy of the Republic of Zambia
Washington, D.C.