APA-Lusaka (Zambia) The World Bank has approved a US$100 million loan to Zambia to unlock the nascent potential of the country’s nature-based economy, the bank announced on Tuesday.
According to World Bank country manager Sahr Kpundeh, the loan would assist Zambia to unlock new green economic pathways that capitalise on the country’s natural assets and their comparative advantages.
It is meant to strengthen Zambia’s nature-based economy and increase economic opportunities in emerging tourism destinations across the country such as Liuwa Plains National Park, the official said.
“Diversified, nature-based economic activity and private sector investment will create jobs and protect nature in the areas targeted under the project,” Kpundeh said.
He said the World Bank support is expected to improve the enabling environment through investment in regulatory reforms in the tourism and other nature-based sectors as well as building of capacity for key sectoral agencies.
The funds would also go towards stakeholder engagement, financing of key basic infrastructure and providing matching grants to communities for investments in the nature-based economy, the official said.
Zambia’s nature-based economy spans many sectors and offers multiple environmental, social, economic and fiscal benefits.
However, several potential tourism areas in the country suffer from poor accessibility, poverty and environmental degradation.
JN/APA