UK and Zambia strengthen inexperienced partnership with new funding targets
T
he Foreign Secretary will announce the growth of the UK’s clear vitality partnership with Zambia throughout a go to to the African nation on Thursday.
James Cleverly is ready to unveil new targets to drive inexperienced funding, which embrace as much as £2.5 billion of British non-public sector funding in Zambia’s mining, minerals, and renewable vitality sectors and as much as £500 million in Government-backed investments.
The partnership can even goal to mobilise as much as £150 million of personal sector funding into small to medium-sized enterprises (SMEs).
The new targets will probably be delivered by the UK-Zambia Green Growth Compact, which was signed in 2021 and has already seen greater than £78 million mobilised for Zambian SMEs.
Together we’ll construct a stronger, greener, extra affluent future for each international locations, which advantages us all
In the primary Foreign Secretary go to to Zambia in additional than 30 years, Mr Cleverly will tour a copper mine and likewise signal a memorandum of understanding on vital minerals, similar to copper, cobalt and different metals important to the worldwide clear vitality transition.
The Foreign Secretary mentioned: “Working together with our partners in Zambia, the UK is driving the clean energy transition.
“The UK-Zambia Green Growth Compact and our landmark agreement on critical minerals will support investment between UK and Zambian business, creating jobs in both countries, and improving environmental and social standards.
“Together we will build a stronger, greener, more prosperous future for both countries, which benefits us all.”
The Foreign Secretary additionally visited Nigeria and Ghana throughout his three-country, four-day African tour, the place he reaffirmed the UK’s dedication to advance commerce, funding, and inexperienced development..