European Union commences cooperation with Zanaco, Zambia

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Thomas Östros, European Investment Bank Vice President after signing the deal.

Brussels, 6 October 2021 (TDI): European Union aims to cooperate with Zanaco, the national commercial bank of Zambia.

The bilateral cooperation will strengthen European relations with Zambia. The trade between the two parties will benefit thousands of smallholders by the €30 million investment for sustainable agricultural development.
The initiative aims will be so crucial for the growth of Zambia as it will emphasize job creation and a way for financial support too. It will also uplift agricultural productivity, a sector of Zambia that got badly affected by the Covid-19.
This partnership between the two parties will create employment opportunities for the Zambians and will also help to unlock the economic growth of Zambia.
The partnership is growing between them with time. European Union also helped Zambia by giving it € 58 million to deal with the Coronavirus crisis.
European Investment Bank will be responsible for this investment. It has been supporting Zambia since 1978 in the development of different projects. EIB is owned by the 27 states of the European Union.

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