Zambia Can Attract $21bn in Investments by 2030 says World Bank Group

The World Bank Group has projected that Zambia can attract up to $21 billion in cumulative new investment between 2025 and 2030, potentially creating 800,000 jobs in the mining, agriculture, tourism and energy sectors.

Ernesto Cordova, Lead Economist at the International Finance Corporation of the World Bank Group, made the World Bank Group’s announcement at the Public, Private Dialogue Forum (PPDF) Private Sector Day in Lusaka today.

Cordova said the investment and boost in employment “will be achieved by implementing reforms in the sectors.”

“The private sector is the engine of the economy and its enhancement plays a pivotal role to the growth of the economy,” continued Mr Cordova.

Cordova has over 20 years of experience promoting economic and private sector development in emerging and developing economies. At the World Bank Group, he focuses on technical assistance to emerging and developing countries, focusing on firm growth, global value chain participation, and productivity-enhancing policies.

The World Bank Group claim that the legacy of previous governments, which had pursued nationalisation of the mines, still weighs on investor confidence.

The Group further advised the government to improve the allocation of tourism-related licenses and streamline regulations and processes to open, expand, and even operate a business if the country is to unlock its full tourism potential.