Zambia stands to benefit from a substantial €4.5 billion Global Fund for Sustainable Development provided by Italy. 

This opportunity arises following the recent signing of a Memorandum of Understanding (MoU) on Sustainable Development Cooperation between the two countries.

The Memorandum of Understanding was signed earlier this week in Lusaka by Zambia's Foreign Affairs and International Cooperation Minister, Mulambo Haimbe, and the Italian Ambassador to Zambia, Enrico De Agostini.

The agreement will be implemented through bilateral cooperation, involving Zambia’s Ministry of Green Economy and Environment and Italy’s Ministry of Environment and Energy.

At the signing ceremony, Minister Haimbe expressed Zambia’s gratitude for its enduring bilateral relations with Italy. He underscored the significance of this agreement in promoting sustainable development and enhancing the bond between the two countries, Lusaka Times reports.

Italy’s Ministry of Foreign Affairs Development Cooperation Director General, Stefano Gatti, also addressed the event, highlighting the importance of the MoU. He emphasised that the agreement is vital for strengthening bilateral relations and promoting sustainable development initiatives in Zambia.

The €4.5 billion fund is designed to support a range of development projects, aimed at improving environmental protection and promoting green economy practices in Zambia and other recipient countries.

The MoU marks a significant step forward in fostering sustainable development initiatives and underscores the commitment of both countries to work together towards common goals, highlighting the strengthening of bilateral relations and the shared vision for a sustainable future.