The Zambian Copperbelt is attracting significant investment in infrastructure, which is not directly connected to mining operations.Green energy is creating new opportunities.A Green Bond issued by the Copperbelt Energy Corporation (CEC) was recognised as the “Bond of the Year” at the IJGlobal Awards 2024.The Green Bond Medium-Term Note Programme was designed to finance renewable energy projects, with a primary focus on solar power.It was oversubscribed by 178% (attracting $53.5m) in the first tranche and by 230% ($96.7m) in the second, according to Verona Nkolola, head of corporate communications and investor relations.Existing projects are a 34MWp Riverside Solar PV Project, commissioned in 2023, and the 60MWp Itimpi I Solar PV Project, commissioned in April 2024.The proceeds from the second Green Bond tranche will fund the 136MWp Itimpi II Solar PV Project. Collectively, these projects add 230MW of renewable energy to Zambia’s electricity grid, she says.With the country’s highest urbanisation and education rates, infrastructural and geographical advantages, the region is well positioned to reclaim its status as an industrial hub, according to a report commissioned by the International Growth Centre.The authors found that the sectoral composition of the Copperbelt economy had changed significantly over the past 10 years. Mining and quarrying, which previously constituted nearly 40% of provincial GDP in 2013, represented only 19% in 2023. Manufacturing also declined, decreasing from 11% to 6% of GDP within the same period. Strongest growth was in the sectors of construction, transport, and storage.Central to the government’s drive to diversify from pure mining investment is the establishment of special economic zones. The Chambishi MFEZ (Multi-Facility Economic Zone) near the Chambishi copper mine is an example of the potential of the region.Established in 2003, it is the country’s second-largest economic zone, with a focus on serving the mining and mineral processing sectors.Other MFEZs in the region are Lumwana in the north-western region for value addition and downstream processing and the Kasumbalesa logistics zone on the DRC border.The Mwanawasa Industrial Park houses companies processing and packaging agricultural commodities, such as soya beans, maize and cotton, as well manufacturing finished consumer goods like textiles and household appliances. ER
