Zambia, Signs MOU with Millennium Challenge Corporation

ZAMBIA and the United States Millennium Challenge Corporation have signed an Aide Memoire to record the mutual understanding of the scope and objectives of the proposed Compact.

The signing of the Aide Memoire, in Washington DC, signifies the beginning of the final stage of the Compact development process that will lead to the signing of the second Compact estimated at more than 400 million United States Dollars, before the end of
024.

Finance and National Planning Minister Dr SITUMBEKO MUSOKOTWANE signed on behalf of Zambia and MCC Principal Vice President for Compact Operations KYEH KIM, signed on behalf of MCC.

Dr MUSOKOTWANE said progress under the debt restructuring process has enhanced positive sentiments towards Zambia as the country has seen more and more partners opening up to invitations for partnerships.

MCC provided the first grant for investment in water, sanitation and drainage infrastructure in select areas of Lusaka worth 355 million United States Dollars in May, 2012.

In terms of next steps, MCC and Government will continue with the due diligence activities to generate data and information to refine the various aspects of the three projects.

Meanwhile, Zambia has taken advantage of in-person bilateral meetings on the sidelines of the IMF-World Bank Spring Meetings to submit formal drought relief requests to the United States of America, Norway, the International Monetary Fund and the World Bank

Dr MUSOKOTWANE is in Washington DC, United States of America, for the
ongoing 2024 Spring meetings of the IMF and World Bank Group.

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