Zambia has received $100 million from the World Bank for the strengthening of the country’s nature-based economy.
Development Diaries reports that Zambia is expected to increase its economic opportunities in Liuwa Plains National Park, Source of the Zambezi, and Kasaba Bay.
It is understood that in Zambia, the nature-based economy spans many sectors and offers multiple environmental, social, economic, and fiscal benefits.
However, more effective natural resource management is needed to improve economic opportunities for local populations and community incomes.
According to World Bank, several potential tourism areas in Zambia suffer from poor accessibility, poverty, and environmental degradation.
Also, data from a 2022 report by the bank suggests that natural resources make up 40 percent of Zambia’s wealth and are a cornerstone for its economic growth and strategies for poverty reduction.
‘We are pleased to support Zambia’s push towards a green growth strategy in which a nature-based economy is key’, World Bank Country Manager for Zambia, Sahr Kpundeh, said in a press statement.
‘Diversified, nature-based economic activity and private sector investment will create jobs and protect nature in the areas targeted under the project’.
The project is expected to increase economic opportunities and revenue from tourism and the broader nature-based economy sector.
This, the bank added, will be done by improving the enabling environment, engaging key stakeholders, financing key basic infrastructure, and providing matching grants to communities for investments in the nature-based economy.
The main beneficiaries of the Green, Resilient and Transformational Tourism Development Project are local communities, nature-based community enterprises, and private sector entities within the emerging tourism destination.
In addition, women-led entities will be assisted with business advisory services, including access to finance, to benefit equitably from the project.
‘At the national level, the project will strengthen the institutional capacity for participating ministries through a variety of capacity-building activities and programs’, the statement read in part.
The government of Zambia, it is understood, is developing a new green growth strategy, as part of its aspiration to become a prosperous middle-income country by 2030.
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