LUSAKA, Dec. 20 (Xinhua) -- The World Bank has approved a 40-million-U.S.-dollars credit to help Zambia in its economic diversification program, the bank said in a statement on Tuesday.
The credit is for the agribusiness and trade project that is expected to benefit 4,000 farmer households and 300 small and medium entrepreneurs. More than 30,000 people are estimated to be directly benefited.
The project aims to contribute to increased market linkages and firm growth in agribusiness in ten provinces.
"This project comes at a time when Zambia needs to diversify out of copper into other key economic sectors such as agriculture, tourism and services," Brian Mtonya, World Bank Senior Private Sector Specialist, said in the statement.
The statement said agriculture employs the majority of Zambian people, adding that more effective policies in agribusiness and trade would be instrumental in achieving broad-based growth and economic diversification for the country.
Ina Ruthenberg, World Bank Country Manager for Zambia, said the project would greatly aid in tackling poverty through improved job opportunities, particularly for women and youth.