Zambia Receives $1.1bn in Investment Pledges During Q3

The Zambia Development Agency has announced the country received $1.1 billion USD worth of investment pledges in the third quarter of 2022.

The investment is expected to result in the creation of 8,307 jobs.

Speaking to the press, director-general of the ZDA Albert Halwampa commented: “We are at a stage where investor confidence is at its highest level because of macroeconomic stability. Zambia has become stable in terms of macroeconomic fundamentals.”

The announcement comes just 24 hours after Zambia’s rating was upgraded on the Absa Africa Financial Market Index (AFMI). The index evaluates the financial development of African nations. In the report, Zambia’s rising rating was attributed to a “significant decrease in inflation and improved growth outlook.” On top of the increase in investment, it has been announced that Zambia’s inflation rate dropped a further 0.2% in October. This brings the rate down to 9.7% from a high of 21.3% last October. Of the six measures considered, the improved macroeconomic opportunity was cited as the core reason for Zambia’s rise.

The investment constitutes a $631 million dollar rise when compared to the same period. The manufacturing sector received the highest volume of pledges, at over 396 million.

Yesterday, the ‘Zambia is Back’ investment promotion campaign was launched by the ZDA. The campaign is intended to further boost growth and job creation under the New Dawn government. Trade Minister Chipoka Mulenga has described the campaign as a “key pillar” in government efforts to restore the country’s economic reputation. They wish to make “an attractive and competitive environment for business.”

Image: MoU Signing with Musika Zambia via @HHichilema on Twitter