Zambia has begun accepting part of mining tax payments in Chinese renminbi, reflecting China’s growing role in its copper sector and debt profile. The Bank of Zambia said the shift supports reserve diversification and lowers the cost of servicing Chinese loans, as most copper exports go to China. The move follows similar steps by Kenya and signals a rising yuan footprint in Africa’s mining economies.

Zambia and Zimbabwe have each pledged $220 million to revive the stalled $4.2 billion Batoka Gorge hydropower project. The development aims to ease power shortages after drought-hit generation at Kariba. The 2,400MW cross-border plant will be developed under a public-private partnership, with both governments seeking equity partners to improve bankability. Updated feasibility studies are underway as a joint committee works to mobilize additional financing.

Zambia recorded a $14.71 billion increase in trade and investment since 2021, drawn from $89.31 billion in pledged projects, the Zambia Development Agency says. Actualized investments created over 91,500 jobs, mainly in manufacturing and mining. Manufacturing-led investment inflows, while Lusaka and the Copperbelt dominated provincially. ZDA credits the gains to improved investor confidence under President Hakainde Hichilema’s policy reforms.