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Lungu hails AGR’s US $81 million projects financing

THE private sector plays a crucial role in our aspiration to become a regional economic hub and this is yet another positive development worth applauding, President Edgar Lungu has said.

And Reuters reports that Zambia’s African Green Resources (AGR) has launched a US $81 million financing programme under which the company and its partners will provide farm supplies and technology to farmers in exchange for grain.

The international media further says as part of broader plans by AGR to invest US $150 million in Zambia for projects including a 50 megawatt solar farm and irrigation dam, AGR will target 120 commercial farmers and 250,000 small and middle farmers with the new programme to boost food security in Zambia and the surrounding region, the media house said, quoting company chairman, Zuneid Yousuf.

The programme will cover 60,000 tonnes of fertiliser for wheat and soya farming – worth $55 million – and $26 million for projects such as the expansion of grain storage silos. It will be financed through regional and global banks, with the money repaid from the produce the programme yields.”

And commenting on the development, President Lungu underscored the crucial role the private sector plays in the economic emancipation of the country and that this programme will contribute immensely to the productivity of the country to ensure that Zambia became a regional economic hub.

“Fellow citizens, private sector plays a crucial role in our aspiration to become a regional economic hub.
I am happy that private sector is already taking a lead in enhancing national food security and support Government’s economic diversification agenda.

“Reuters is reporting that a US$ 81 million private sector-led input support scheme has been launched to benefit 120 commercial and 250,000 small-scale farmers in Zambia. This is yet another positive worth applauding,” President Lungu said.

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