World Bank Grants $208 Million for Zambia Drought Relief

Emmanuel EjioforJuly 2, 20241 Mins read66

The World Bank has approved a $208 million grant to help Zambia cope with the severe social and economic effects of the ongoing drought, Zambia’s finance ministry announced on Tuesday.

The Southern region of Africa is experiencing its worst drought in years, caused by a combination of the naturally occurring El Niño and higher temperatures caused by greenhouse gas emissions. El Niño causes warmer water to spread further and stay near the surface, releasing more heat into the atmosphere and creating wetter, warmer air.

Countries like Zambia, Malawi, and Zimbabwe have declared states of disaster due to the drought’s impact on food production and livelihoods.

The World Bank grant aims to provide temporary cash payments to households affected by the drought.

“Specifically, it will support at least over 1.6 million households across 84 drought-impacted districts with emergency cash assistance over a 12-month period,” Zambia’s finance ministry said in a statement.

The funding will also bolster existing social protection programs in Zambia. Last month, the International Monetary Fund approved increased financial support for Zambia, raising its aid from $1.3 billion to $1.7 billion to help the country address the drought crisis.

The World Bank is Zambia’s largest provider of development financing, committing over $2.1 billion since 2021 to the country’s private sector growth and sustainable development, among other sectors.

Since July 2023, all new financing by the World Bank has been in the form of grants to aid Zambia during its debt distress.

The national debt in Zambia peaked in 2023 at the sum of 25.5 billion U.S. dollars, according to Statista, a global research company.

ECOWAS To Terminate $500M Projects In Mali, Niger, And Burkina Faso Over Decision To Leave ECOWAS