LUSAKA, Feb. 18 (Xinhua) -- Zambia and the International Fund for Agricultural Development (IFAD) on Wednesday launched a project to strengthen financial access and resilience for rural people in the southern African nation.
The Financial Inclusion for Resilience and Innovation project is a 49.8-million-U.S.-dollar, seven-year initiative targeting 370,110 rural households, or about 1.85 million people, across the country.
It seeks to expand access to financial services for smallholder farmers, women, and youth, while improving livelihoods, enhancing climate resilience, and increasing the uptake of client-centric financial services.
In remarks delivered at the launch, Minister of Finance and National Planning Situmbeko Musokotwane, in a speech read on his behalf by Accountant-General Nsandi Manza, said financial inclusion is a key pillar of the country's economic empowerment, as it enables smallholder farmers, micro and small enterprises, as well as women and youth to participate in economic activities.
While acknowledging progress in expanding access to financial services, the minister also expressed concern that rural communities have remained underserved.
Edith Kirumba, IFAD country director, said the seven-year project will help strengthen financial access in rural areas, especially for women and youth.
She added that it will employ a blended financing structure, drawing funds from IFAD, the Zambian government, the private sector, and development banks. ■