President Hakainde Hichilema held an insightful meeting at State House with ABSA Group Chief Executive Officer Kenny Fihla and his delegation, reinforcing the importance of strong collaboration between Government and the private sector. The discussions focused on strengthening Zambia’s economic growth agenda through sustained financial sector support and strategic investment. Government emphasized that meaningful development requires active participation from leading financial institutions such as ABSA. The meeting highlighted the shared responsibility to accelerate economic transformation through targeted financing and policy alignment. Both parties acknowledged that effective public private partnerships remain central to Zambia’s long term prosperity.
Government expressed appreciation for ABSA’s continued commitment to supporting Zambia’s development priorities. At the same time, President Hichilema urged the bank to expand its involvement in critical sectors that can unlock inclusive growth. Particular attention was given to diversifying the country’s energy portfolio to ensure stable and sustainable power supply. Energy security remains essential for industrialisation, mining productivity and manufacturing expansion. The President also encouraged ABSA to channel more resources into agriculture, with special focus on agro processing to increase value addition, boost exports and create rural employment.
The meeting also addressed the importance of affordable financing in sustaining economic momentum. President Hichilema noted that Zambia has achieved notable macro economic stability and fiscal discipline under the current administration. Stable inflation trends, improved investor confidence and prudent fiscal management create conditions that justify lower lending costs. Government therefore called on ABSA to consider reducing the cost of capital to stimulate broader participation in key sectors of the economy. Affordable interest rates would enable entrepreneurs and established businesses to expand operations in manufacturing, mining, agriculture and tourism, leading to job creation and increased productivity.
President Hichilema reaffirmed Government’s commitment to continuous engagement with financial institutions and other stakeholders to secure Zambia’s economic future. Strengthening cooperation with banks such as ABSA will help unlock capital flows needed for infrastructure, industrial development and enterprise growth. The administration remains focused on creating an enabling business environment that supports both domestic and foreign investors. By combining fiscal discipline, private sector partnership and strategic investment, Zambia aims to build a resilient economy that benefits the current population and future generations.