Zambia Backs AfDB’s Vision for a New African Financial Architecture, Economic Sovereignty

Zambia has reaffirmed its commitment to advancing Africa’s economic independence and regional integration, voicing strong support for African Development Bank Group (AfDB) President Dr. Sidi Ould Tah’s call for a new African financial architecture designed to strengthen the continent’s economic sovereignty.

President Hakainde Hichilema expressed Zambia’s backing during a meeting with Dr. Ould Tah at State House in Lusaka on 9 October 2025, shortly after Zambia successfully hosted the third meeting for the 17th replenishment cycle of the African Development Fund (ADF-17)—a landmark gathering aimed at mobilising concessional resources for Africa’s most vulnerable economies.

The discussions underscored the deepening partnership between Zambia and the AfDB Group, highlighting shared goals of structural transformation, financial reform, and inclusive growth across Africa.

A Shared Vision for Africa’s Financial Independence

During the talks, President Hichilema commended the AfDB’s leadership in promoting a more equitable and self-reliant African financial system. He stressed that Africa must reduce its dependence on external financing and challenge structural imbalances that make borrowing excessively costly for developing economies.

“Africa cannot continue to depend on others for its growth. We must design financial systems that reflect our realities and unlock the true value of our economies,” President Hichilema said.

He pointed out that global credit rating systems often underestimate African economies’ assets and potential, contributing to inflated borrowing costs and limited access to global capital markets. As one of the African Union’s Champions of Global Financial Architecture Reform, President Hichilema reaffirmed Zambia’s commitment to promoting fairer, Africa-centered financial solutions.

Dr. Ould Tah applauded Zambia’s leadership in hosting the ADF-17 replenishment meeting and praised the country’s $5 million contribution to the fund, describing it as a testament to Zambia’s “generosity, leadership, and partnership.”

“Your country’s development path embodies what the ADF seeks to achieve: resilience, inclusion, and self-determination,” said Dr. Ould Tah. “Zambia’s voice adds momentum to Africa’s call for a more balanced global financial system.”

Building a New African Financial Ecosystem

The proposed new African financial architecture—a key pillar of Dr. Ould Tah’s strategic vision—aims to increase coherence among regional financial institutions, such as development banks and sovereign wealth funds. It seeks to strengthen domestic resource mobilisation, expand blended finance models, and amplify Africa’s influence in global financial decision-making.

President Hichilema endorsed this approach, noting that harmonising Africa’s financial ecosystem would help attract sustainable investments and reduce reliance on high-cost external debt. The framework also envisions establishing a continent-wide credit guarantee system, a sovereign liquidity fund, and mechanisms to facilitate intra-African capital flows.

“Africa’s development must be financed by Africans, for Africans,” Dr. Ould Tah said. “By aligning our institutions, we can drive inclusive growth and economic sovereignty.”

Mission 300: Energy Access for All

The leaders also reviewed progress under Mission 300, a joint AfDB–World Bank initiative aimed at extending electricity access to 300 million Africans by 2030. Zambia was among the first nations to sign a Mission 300 National Energy Compact during the Africa Energy Summit in Dar es Salaam in January 2025.

Under the compact, Zambia aims to achieve universal electricity access by 2030, increase its non-hydro renewable energy share to 33%, and attract $11.9 billion in investments, with 82% expected from the private sector.

“Energy access is the lifeblood of industrialisation,” President Hichilema emphasized. “Zambia stands ready to work with the African Development Bank Group to extend this compact model to manufacturing and regional value chains.”

Dr. Ould Tah reaffirmed the Bank’s commitment to supporting Zambia’s clean energy transition, noting that reliable and affordable energy remains critical to driving industrial development and digital transformation across Africa.

Corridors of Prosperity and Regional Integration

The meeting also focused on the development of transport and trade corridors as engines of growth and integration. Dr. Ould Tah stressed that the AfDB is prioritising regional infrastructure to connect markets and reduce logistics costs.

“By working together, we can transform transport corridors into corridors of prosperity,” Dr. Ould Tah said.

Zambia is investing heavily in the North–South Corridor and the Lobito Corridor, both supported by the AfDB Group. These strategic routes aim to link landlocked African economies with ports, markets, and industrial zones, turning Zambia into a land-linked hub for Southern and Central Africa.

Zambia’s Economic Revival and Development Leadership

Dr. Ould Tah lauded Zambia’s economic recovery and reform momentum under President Hichilema’s leadership. With GDP growth projected at 6.2% in 2025, driven by gains in energy, agriculture, and record copper production, Zambia is emerging as a model of macroeconomic stability and fiscal discipline.

He noted that Zambia’s improved debt sustainability and investor confidence are opening new avenues for public-private partnerships and long-term growth. The AfDB’s 2024–2029 Country Strategy Paper for Zambia focuses on energy, agriculture, transport, skills, and private-sector development, reinforcing these priorities.

Cumulative ADF assistance to Zambia now exceeds $900 million, funding transformative projects such as:

• The Kazungula Bridge Project, improving regional trade and mobility;

• The Nacala Road Corridor, linking Zambia to Malawi and Mozambique;

• The Livestock Infrastructure Project, boosting food security and rural incomes; and

• The Science and Technology Education Project, advancing STEM education across universities and technical institutes.

Toward a Sovereign and Integrated Africa

The meeting concluded with a renewed commitment to deepen cooperation between Zambia and the AfDB Group to advance Africa’s sovereignty, industrialisation, integration, and human capital development—the four cardinal pillars of Dr. Ould Tah’s strategic agenda.

Both leaders agreed that Africa’s future depends on strengthening regional institutions, mobilising domestic resources, and investing in people.

“Africa’s destiny lies in our own hands,” President Hichilema affirmed. “Through partnership, innovation, and financial reform, we can unlock the continent’s full potential.”

As Africa moves toward a more unified and self-sustaining economic model, Zambia’s leadership and the AfDB’s vision of a new financial architecture signal a defining moment in the continent’s journey toward economic sovereignty and sustainable prosperity.