Britain and Zambia Thursday signed a partnership agreement under which Britain will give Zambia 40 million pounds (nearly 80 million U.S. dollars) each year for the next 10 years, according to the Zambia News and Information Services.
Zambian President Levy Mwanawasa, who is in London to attend African business Forum, described the pact as a gigantic step towards the fight against poverty in Zambia.
Mwanawasa said poverty is the greatest challenge facing the Zambian people and the funds will go a long way in fighting poverty in the country.
Commerce, Trade and Industry minister Felix Mutati signed the agreement in London on behalf of Zambia while British Secretary for International Development Hilary Bunn signed on behalf of his country.
Mutati said the money would be used prudently and transparently for the benefit of the people of Zambia.
He said the funds will give impetus to efforts aimed at alleviating poverty by channelling the money to clearly defined developmental programs.
Mutati assured the British government that due diligence would be given in the monitoring of the utilization of the funds.
Mutati said the on-going G8 summit in Germany, should focus on trade and investment to help African countries to come out poverty.
Bunn said the agreement is an expression of the confidence his country has in the Zambian government.
Bunn said Zambia has proved that it is a reliable partner in developmental efforts through prudence in the utilization of funds.
He said the British government will remain committed to the shared endeavor of poverty eradication.