en.Wedoany.com Reported - Zambia has signed a $491 million financing agreement with the United States to bolster critical mineral infrastructure and agricultural activities, a key step in the country's strategy to increase copper production to 3 million tons by 2031. The agreement is an amendment to the original $491 million Compact Program, aimed at realigning priorities and strengthening bilateral relations.

Signed by Zambia's Ministry of Finance and National Planning and the U.S. agency Millennium Challenge Corporation, the agreement will support strategic infrastructure projects along the Lobito Corridor. This regional transport network connects Zambia and the Democratic Republic of the Congo to international export markets via Angola's Atlantic ports.

The United States will provide $458 million for the partnership, while Zambia will contribute $33 million. Part of the funding will be used to modernize transport infrastructure in Zambia's mineral-rich North-Western and Copperbelt provinces, under the broader "Roads and Access Project."

The financing will also support power projects. Zambia is working to strengthen grid reliability after years of drought disrupted hydropower generation and industrial production.

Beyond infrastructure, the funding will support reforms aimed at strengthening governance in the mining sector and mobilizing private sector investment in exploration activities.

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