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UK-Zambia Green Growth Compact marks one year

• UK-Zambia Green Growth Compact has been a welcome framework for the country.
• It was signed by Ministers in London last November.
• It sets out ambitious plans for the two countries to strengthen economic links, grow investments, and boost trade.

United Kingdom (UK)’s Trade Commissioner for Africa has hailed the remarkable progress made in the first twelve months of the UK and Zambia’s prosperity pact.

Speaking at a business reception in Lusaka to mark the Green Growth Compact’s first anniversary, John Humphrey said his team is immensely proud to be part of Zambia’s success story and look forward to continuing to work together towards economic prosperity for all.

“This visit so early on in my tenure demonstrates a commitment to a strong and growing partnership between the United Kingdom and Zambia. The progress our two nations have achieved this year on our economic partnership is remarkable. My team and I are immensely proud to be part of Zambia’s success story and we look forward to continuing to work together towards economic prosperity for all,” he said.

And British High Commissioner to Zambia Nicholas Woolley explained that the US$1.5 billion of investment by British firms into the Zambian economy over the last 12 months, underlines the depth of the partnership, supporting new jobs and livelihoods in both our nations.

“I look forward to further strengthening trade and investment and working ever more closely with our Zambian friends to enhance our cooperation to develop the green economy,” Mr. Woolly stated.

Meanwhile, Zambia’s Energy Minister Peter Kapala stated that the UK-Zambia Green Growth Compact has been a welcome framework for the country to strengthen its economic partnership.

“We need to increase our ambitions as we enter the second year of the Green Growth Compact. I look forward to working with the UK towards greater economic benefits to both our countries,” Mr. Kapala said.

The UK-Zambia Green Growth Compact, signed by Ministers in London last November, sets out ambitious plans for the two countries to strengthen economic links, grow investments, boost trade and support for local businesses and jobs, and enhance bilateral cooperation, particularly in sectors vital to clean energy and the green economy.

Key achievements in the first year of the UK-Zambia Green Growth Compact include, over 1 billion Pounds of new investments by UK-registered companies into the Zambian economy and reached milestone of mobilising US$100 million of private investment for Zambian SMEs through UK-Aid private sector development programmes, and over 500 Megawatts of UK-supported green energy production now under development in Zambia

Other significant milestones under the Compact this year have included the first global launch of British International Investment (BII) in Lusaka – with BII going on to approve a further pipeline of investments into Zambian businesses worth up to $170million and Zambia joining the UK’s new Developing Countries Trading Scheme granting preferential access for Zambian goods to UK markets.

The UK has continued to provide support to Zambia’s IMF/World Bank-backed reform programme, including technical advice and research to sector reforms, while both nations have continued to enhance cooperation and develop initiatives to tackle climate change

This is contained in a statement issued to Money FM News by British High Commission Communications Officer, Jonathan Siame.

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