By BUUMBA CHIMBULU
VER US$125 million worth of funding to support Zambia’s entrepreneurs has been raised through Impact Capital Africa (ICA) meant to develop the country’s ecosystem and beyond.
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This came to light at the 2023 Zambia Impact Investment Summit (ZIIS23) in Lusaka yesterday held under the theme: “Harnessing Solutions for a Sustainable Future.”
During the summit, Jeffrey Scheidegger from ICA said the initiative had worked with more than 100 businesses that raised over US$125 million of funding into Zambia.
“Since ICA started, we have seen enormous change and growth. Growth in the number of new business models being developed in Zambia by incredible entrepreneurs, growth in the interest in Zambia by investors, and growth in actual deal flow,” he said.
At the same function, Sam Waldock from the Foreign Commonwealth and Development Office said over US$100 million of private investment into Zambian Small and Medium Enterprises (SMEs) had been mobilised by Prospero in partnership with ICA.
Mr. Waldock said events such as the ZIIS23 would help reach a new more ambitious target of US$150 million mobilised for Zambian SMEs.
Meanwhile, Prospero Chief Executive Officer, Mutumboi Mundia, said the summit brought together stakeholders to celebrate positive achievements through sustainable and impactful investments.
Impact investment, Ms. Mundia said, was not a mere concept but a vibrant reality helping transform businesses in Zambia and the African continent.
“Over the years, we worked with several businesses, helping them become investment-ready through bespoke technical and linkages to investors through platforms as this one, and this has yielded over US$100 million worth of investment into Zambian businesses that are making positive social and environment impact,” she said.
She pointed out that through partnering with the National Advisory Board (NABII), Prospero had seen the growth of a formidable promoter of impact investment in Zambia that had created a platform for all players in the ecosystem to join hands.
And NABII Chair, Namaya Mbikusita-Lewanika, said the summit was a platform for collective action, offering an opportunity to share idea and shape the trajectory of impact investment.
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