UK Eyes Zambia for Investment with a Pledge of £2.5bn

The United Kingdom aims to increase private sector investment in Zambia to £2.5 billion.

These investments will focus on Zambia's mining, minerals, and renewable energy sectors. The new targets will be delivered through the UK-Zambia Green Growth Compact. 

The Compact aims to drive investment in Zambia’s green economy, strengthen the growing economic partnership between Zambia and the UK, tackle climate change, and create jobs and new business opportunities in both countries.

The green investment includes up to £2.5 billion of UK private sector investment and up to £500 million in UK government-backed investments to create jobs for Zambians.

This initiative is expected to create opportunities for UK companies and facilitate at least 1,000 megawatts of new energy generation capacity in Zambia's energy sector.

Recently, in the mining sector, UK-registered private companies announced over £1 billion in new investments, including £1.25 billion from First Quantum Minerals into its Trident site in Kalumbila and £210 million from Moxico to expand its copper mine in Mimbula.

Achievements under the Green Growth Compact already include over £78 million mobilised for Zambian SMEs and a commitment of an additional £39 million from British International Investment as a credit line for Zambia’s leading bank to boost climate finance and SMEs

The UK and Zambia signed the UK-Zambia Green Growth Compact in London in November 2021.

The Compact supports Zambia's pursuit of a green development pathway, contributing to global ambitions on emissions reductions while protecting Zambia’s unique biodiversity and natural capital for the benefit of future generations.

This information comes from a statement issued to ZNBC News by the British High Commission.