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Investors have regained appetite for Zambia after default

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Zambia’s mining, energy and agriculture sectors have drawn significant investor
Zambia’s mining, energy and agriculture sectors have drawn significant investor interest as the government’s fiscal consolidation gains traction after emerging from a sovereign default, said ​Citi’s country Chief.
“We have noted increased interest, especially when we have seen significant ‌strides being made in terms of bringing stability to the Zambian economy,” said Lowani Chibesakunda, Citi’s Chief executive and banking head for Zambia, in an interview with Reuters on Tuesday.
“We have noted key interests in ​mining, in energy, as well as in agriculture.”
Zambia is rich in copper, positioning ​it well as demand for the red metal grows, spurred by the transition ⁠to clean energy and soaring power needs for Artificial Intelligence data centres.
“You cannot talk about ​the Zambian story without emphasising the importance of mining and seeing how copper prices have remained ​bullish,” said Chibesakunda.
“The focus that is there now on copper-related products, be it your electric vehicles, et cetera, is really driving a lot of growth in that sector.”
The government secured 97.85% participation in a cash ​tender offer for its $1.365 billion outstanding notes, launched on May 29, in what the Ministry ​of Finance described as part of broader efforts to improve debt sustainability and reduce long-term obligations.
Citi ‌acted as ⁠sole mandated bank to organize, structure, and execute the transaction.
–Reuters–