As a model of China-Africa comprehensive strategic cooperative partnership, China and Zambia are jointly opening a new chapter of green development amid the historical opportunities of jointly building the Belt and Road Initiative and the global energy transition. As a core member of the Southern African Development Community (SADC), Zambia is not only known as the "Country of Copper" worldwide, but also a golden land for the development of the photovoltaic industry in Africa due to its abundant sunshine resources of 3,000 hours per year on average. Since the Tanzania-Zambia Railway (TAZARA) built the "Road of Friendship" between China and Africa in the 1970s, China-Zambia cooperation has always been at the forefront of South-South cooperation , from the full implementation of bilateral economic and trade agreements, to the upgrade to a comprehensive strategic cooperative partnership in 2023, and then to the important consensus of "deepening practical cooperation" reached by General Secretary Xi Jinping and the Zambian President during the Forum on China-Africa Cooperation (FOCAC) in 2024, the coordinated development of the two countries in the energy field has become a key fulcrum for the building of a China-Africa community with a shared future.

At present, Zambia is accelerating the energy structure transformation with the plan of "adding 1,000MW of solar power by 2025" as the engine. China's whole industrial chain advantages in photovoltaic technology, equipment manufacturing and project development are naturally complementary to Zambia's solar power generation potential of 4.5-5.5kWh/kWp/day that needs to be released urgently. The China-Zambia Economic and Technological Cooperation Agreement signed in March 2025 not only marks the further upgrade of the cooperation achievements of the two countries over 60 years since the establishment of diplomatic relations, but also the Zambian government provides strong support for Chinese-funded enterprises to invest in photovoltaic in Zambia with policy dividends such as "48-hour approval time limit", "zero tariff on equipment import" and "corporate income tax reduction for rural projects". Driven by the dual goals of global carbon neutrality and African industrialization, China-Zambia photovoltaic cooperation has become a benchmark practice leading the African energy revolution.

I. Current Policy Status of Photovoltaic Industry Investment in Zambia

(I) Foreign Investment Policy

In May 2006, Zambia promulgated the Development Agency Act, which stipulates matters related to investment promotion and investment protection. On January 1, 2007, the Zambian government established the Zambia Development Agency (ZDA) to be responsible for specific trade and investment promotion and enterprise development.

The current laws and regulations in the field of investment in Zambia mainly include: (1) Development Agency Act, which stipulates investment procedures and incentive measures available to investors; (2) Companies Act, which stipulates the registration procedures of companies; (3) Customs and Excise Act, Income Tax Act and Value Added Tax Act, which stipulate tax incentives available to investors; (4) Labor Act, which stipulates the labor contract requirements that investors must fulfill; (5) Immigration and Deportation Act, which stipulates requirements for foreigners to obtain work permits, etc.

To encourage investment, the Zambia Development Agency Act stipulates a number of preferential policies such as income tax, value-added tax, tariff reduction and exemption and deduction. Investors with an investment of 250,000 US dollars are entitled to one investor license and work permits for up to five foreign employees. The Zambia Development Agency also provides convenience services for registered investors, including access to land, water, electricity, transportation and communication services and related facilities required for investment, legalization of residence status in Zambia, other licenses required for operating enterprises in any specific industry and any other follow-up support that may be needed. Investors can also enjoy other preferential treatments, including no price, interest rate and foreign exchange controls, allowing free remittance of debt repayment funds, and free remittance of legally obtained profits and dividends.[1]

The Zambia Development Agency is the competent department coordinating foreign investment services, providing full policy support for photovoltaic projects such as company registration, bank account opening, shareholder change, investment visa processing and foreign exchange facilitation. Foreign-funded enterprises can enjoy full exemption of import tariffs on equipment. If photovoltaic projects are built in rural areas, they can also obtain special preferential treatment of corporate income tax exemption for 5 years.[2] Since 2025, the government has significantly shortened the approval time of solar projects from 6 months to 48 hours, significantly improving investment efficiency.[3]

(II) Energy Regulations

The Environmental Protection and Pollution Control Act stipulates that before the implementation of the project, an environmental project summary or environmental impact report shall be submitted to the Zambia Environmental Management Agency (ZEMA), and its signed approval letter shall be obtained. The Energy Regulation Act formulates rules for enterprise licensing in the energy field, clarifies the functions of the Energy Regulation Board (ERB), such as determining electricity prices, approving power purchase agreements, and supervising energy transactions. Enterprises engaged in energy business need to obtain corresponding licenses from the ERB. The Electricity Act regulates all activities of the power industry from production to supply. The power open access framework launched in 2024 based on this act clearly allows independent power producers (IPP) to directly supply power to the national grid or end users, and encourages the promotion of rooftop solar energy in urban areas. The government sets the energy diversification goal: by 2030, 30% of electricity shall come from non-hydro renewable energy including photovoltaic. At the same time, a nationwide smart meter replacement program is mandatory to upgrade grid management technology to adapt to new energy grid connection.

(III) Environmental Regulations

Under Zambia's Environmental Protection and Pollution Control Act (EPPCA), most energy investment projects, such as photovoltaic power stations and coal mine development, need to obtain approval from the Zambia Environmental Management Agency (ZEMA). Before the implementation of the project, an Environmental Project Brief (EPB) or a detailed Environmental Impact Statement (EIS) must be submitted to ZEMA, covering the impact assessment of the project on land, water resources, ecosystems and biodiversity, etc. After ZEMA's review and approval and signing of the approval letter, the project can proceed.

From the perspective of the Energy Regulation Act, when the Energy Regulation Board (ERB) performs its duty of minimizing the negative impact of the energy system on the environment, photovoltaic projects are also included in the scope of supervision. In the project planning stage, it is necessary to fully evaluate whether the site of the photovoltaic power station is in an ecologically sensitive area and whether it will interfere with the migration paths of surrounding wild animals; in the operation stage, corresponding monitoring and control mechanisms shall be formulated for environmental impacts such as noise and e-waste generated by photovoltaic equipment to ensure that the project meets environmental protection requirements.

In addition, as a signatory to the United Nations Framework Convention on Climate Change and the Paris Agreement, Zambia has begun to formulate environmental regulatory bills to domesticate the relevant provisions of international agreements. On January 24, 2022, Nzovu, Zambia's Minister of Green Economy and Environment, said that the Zambian government attaches great importance to the pollution problem of energy enterprises, and enterprises that violate the relevant acts of ZEMA will face shutdown. In the future, the Zambian government will further improve laws and regulations, increase penalties, and curb environmental pollution.[4]

(IV) Land and Planning

According to the Urban and Regional Planning Act 2015, the project shall submit land ownership certificates, such as ownership certificates or customary land allocation letters signed by chiefs, four site plans with a scale of not less than 1:5000 and drainage scheme design. When involving flood risk areas with a 50-year return period, waterlogging prevention engineering planning is mandatory. The planning permit approval cycle is 90 days, and construction must be started within the specified time limit after approval.

(V) Characteristic Policies

The government launched a nationwide energy efficiency program, requiring industrial users to participate in energy-saving transformation compulsorily. To alleviate power shortage, the president personally promoted the "1,000MW new solar power by 2025" plan and instructed financial institutions to give priority to supporting energy investment. In addition, the government has improved the grid absorption capacity by upgrading transmission lines and planning pumped storage projects.[5]

II. Photovoltaic Industry-related Investment Opportunities Available for Chinese-funded Enterprises in Zambia

Chinese enterprises can focus on the following industries in the development of Zambia's photovoltaic industry:

(I) Development of Large-scale Ground Photovoltaic Power Stations

Zambia has an average annual sunshine duration of about 3,000 hours, with a solar power generation potential of 4.5–5.5kWh/kWp/day, higher than the African average, but the current photovoltaic installed capacity accounts for only 3%, with significant market space. The government plans to add 600MW of grid-connected solar energy in the next 2 to 3 years, and Chinese-funded enterprises can participate in large-scale projects through EPC or BOO modes. Sinoma Energy Conservation invested in and built a 32MWac/36MWp photovoltaic power station in Zambia Industrial Park, operated in BOO mode, with an annual power purchase of about 73.77 million kWh and a cooperation period of more than 25 years. It will be handed over free of charge after expiration. This mode has been verified for feasibility through actual projects.[6]

(II) Distributed Photovoltaic and Energy Supporting Industries

Zambia has strong industrial electricity demand such as copper mining and manufacturing, and enterprises have an urgent demand to reduce electricity costs. Chinese-funded enterprises can develop distributed photovoltaic projects for scenarios such as industrial parks and mining areas. For example, Sinoma Energy Conservation built a photovoltaic power station for China National Building Material Zambia Industrial Park. In addition to meeting the park's own electricity consumption, the surplus electricity is shared with the park from grid-connected revenue. At the same time, combined with waste heat power generation projects, "photothermal complementarity" is realized, reducing enterprise electricity costs by more than 30%. The 50MW photovoltaic project in CHOMA area developed by Chengdian International in cooperation with the Zambian side focuses on the comprehensive development of large-scale ground power stations and solar parks, adopting the "cash + technology" shareholding mode, covering the whole cycle from investment and financing to operation, providing a replicable cooperation paradigm for industrial and commercial scenarios.[7]

(III) Photovoltaic and Energy Storage System Integration

Zambia's power grid infrastructure is old, and photovoltaic power generation is intermittent, so there is a significant demand for energy storage. Chinese-funded enterprises can support energy storage systems in photovoltaic projects. Chengdian International deployed a 10MWh energy storage system in Zambia's photovoltaic project to solve the intermittent electricity demand of copper mines and improve grid stability at the same time. In this field, combined with policy support such as Zambia's "Rural Electrification Donation Fund", photovoltaic energy storage microgrids can be developed to serve remote communities, medical facilities and agricultural irrigation, which is in line with the government's goal of achieving 51% rural power coverage by 2030.[7]

(IV) Localized Manufacturing of Photovoltaic Industry Chain

Zambia encourages the development of local content. Chinese-funded enterprises can set up production lines for photovoltaic modules, brackets, inverters and other equipment in economic zones such as Lusaka to reduce transportation costs and meet localization requirements. When setting up a project company in Zambia, the regulatory requirements can be met through joint ventures with local enterprises, and it can be extended to equipment manufacturing in the future to improve the comprehensive income of the project. In addition, Zambia exempts tariffs on the import of renewable energy equipment, further reducing the initial cost of localized production.

(V) Carbon Asset Development and Green Finance Cooperation

Zambia allows foreign-funded enterprises to develop carbon assets of photovoltaic projects. In the Sinoma Energy Conservation project, the carbon revenue belongs to Party A, providing additional income sources for Chinese-funded enterprises. Enterprises can explore carbon sink development of photovoltaic projects, connect with the international carbon market, or use green financial support from institutions such as the African Development Bank and the Green Climate Fund to optimize the project financing structure through green bonds and other tools and reduce capital costs.[6]

III. Risks of Investing in Photovoltaic Industry in Zambia

(I) Risks in Project Development Right and Project Approval Links

Although the Zambian Ministry of Energy announced that the approval time of photovoltaic projects has been shortened to 48 hours, in actual implementation, it needs to pass the licenses of several departments, including the approval of the Power Purchase Agreement (PPA) and power generation license by the Energy Regulation Board (ERB), the approval cycle of the Environmental Impact Assessment (EIA) reply by the Zambia Environmental Management Agency (ZEMA) is about 30 days, which may be further delayed by obstructed field surveys during the rainy season, and the 90-day cycle of local government planning permits.

Multi-department management can easily lead to process disconnection. For example, conflicting PPA approval standards between the ERB and the Attorney General may lead to repeated revisions. Zambia's policy stability is insufficient. Although the newly revised Electricity Act allows independent power producers to directly supply power to the grid, the implementation rules have not been improved, and the ERB may temporarily add technical standards such as mandatory energy storage configuration.

At the same time, ZEMA's requirements for waste management and hazardous chemical permits continue to escalate. If the pesticide and toxic substance permit with a validity period of only 3 years is not obtained in time, the project will face the risk of shutdown. Although high-level support can accelerate project initiation, there are significant hidden dangers at the implementation level: cross-departmental meeting resolutions lack legal binding force, and development permits issued by the Ministry of Energy may be overturned due to local chiefs' objections to private land; PPA needs to be approved by the Attorney General, and government changes may lead to renegotiation of the agreement, delaying the commercial operation date.

(II) Risks of Land Use and Acquisition

The risks of land use and acquisition are mainly reflected in unclear land ownership, policy restrictions and implementation uncertainty. Foreign-funded enterprises may face the risk of insufficient land ownership investigation in the host country of the project, such as mortgages, disputes or historical problems, resulting in defects of rights, thus triggering legal disputes or project delays.

The Power Purchase Agreement (PPA) usually does not clearly define the allocation of land risks, and the seller shall bear the obligation to provide project land on its own. Unless otherwise agreed with the government (GRZ) or the buyer (such as ZESCO), independent power producers must solve the land use problem by themselves, which increases the difficulty and cost of acquisition, and the conflict between traditional customary law and modern law may delay land delivery.

In addition, policy fluctuation risks such as government land expropriation or regulatory changes may also lead to the revocation of land use permits or project termination. Therefore, enterprises need to lock in government guarantees in the agreement through detailed due diligence to reduce uncertainty.

(III) Environmental Protection Compliance Risk

The project must strictly abide by the requirements of the Zambia Environmental Management Agency (ZEMA), and conduct Environmental Impact Assessment (EIA) in accordance with Article 29 of the Environmental Management Act No. 12 of 2011 and the Environmental Protection and Pollution Control (Environmental Impact Assessment) Regulations, Statutory Instrument No. 28 of 1997, including preliminary processes such as project screening and determination of assessment scope. If the decision letter of ZEMA is not obtained in time or does not meet the standards, it may lead to approval delays, fines or project rejection, increasing legal and financial risks.

In the operation stage, environmental factors need to be continuously managed, such as water supply guarantee, water quality safety, weed control, drainage treatment and bird repelling. If supervision is neglected in these links, it may cause ecological damage, pollution incidents or community complaints, which in turn trigger compliance penalties or project interruption.

In addition, environmental and sustainable development risks are clearly listed as one of the key operational risks of photovoltaic projects, including potential industrial pollution, ecosystem damage and uncertainty brought about by changes in local environmental protection regulations. Enterprises need to formulate emergency plans and ensure that daily operations comply with Zambian laws, otherwise the project feasibility and social reputation will be affected.

Lack of comprehensive environmental permits (such as ZEMA's environmental certificate) or failure to follow specific field regulations, such as water resources protection requirements, may aggravate project delays and cost overruns. Especially in the dry season or under extreme weather conditions, mismanagement of the environment will amplify operational vulnerability.

(IV) Construction Risks

There are multiple risks in carrying out photovoltaic project construction in Zambia. In terms of labor risk, there is a shortage of skilled workers and insufficient labor skills locally, and labor relations are complex, which may affect the construction progress and quality. The risk of material safety is particularly prominent. Equipment such as modules and cables are vulnerable to theft and damage, and protection needs to be strengthened through personnel, physical and technical means.

Natural environment risks include: the rainy season (November to April of the following year) in Southern Province may cause waterlogging, and drainage systems need to be designed; although seismic activity is low, an emergency mechanism still needs to be established; strong wind risk needs to be prevented and controlled through support structure design and GB specifications. In addition, unstable power supply (78% of Chinese enterprises have power outages more than 6 times a month on average) may interfere with construction, and self-provided power generation equipment is required.

(V) PPA-related Risks, Electricity Payment Performance Ability and Arrears Risks

In Zambia's photovoltaic projects, PPA (Power Purchase Agreement)-related risks and electricity payment problems are mainly reflected in the following aspects:

1. In terms of electricity payment performance risk, although the historical debt of Zambia Electricity Supply Corporation (ZESCO) has dropped from 1.8 billion US dollars in 2021 to 379 million US dollars in 2025, and the Ministry of Energy stated that it has not defaulted on electricity fees of independent power producers in recent years, the instability of the power system may indirectly affect the payment ability.[8]

2. PPA clause design risks are prominently manifested as:
(1) Lack of government guarantee;
(2) Loopholes in risk allocation;
(3) Defects in payment mechanism;

(VI) Political, Economic and Exchange Rate Risks

Zambia's political stability has faced challenges in recent years. Although the general election held in August 2021 was evaluated by the Commonwealth Observer Group as "generally peaceful and credible", there were still political tensions, violent incidents and narrowing of democratic space during the election. The victory of Hakainde Hichilema, candidate of the opposition United Party for National Development (UPND), reflects the public's dissatisfaction with the economic situation, especially high debt, inflation and poor management of public resources. In addition, although the corruption problem has improved, with the Corruption Perceptions Index rising from 37 to 39 in 2024, ranking 92nd in the world, it is still a long-term challenge.[9] Historically, corruption and mismanagement during the presidency of former President Chiluba led to economic recession, and this shadow still affects public trust in the government.

Zambia's economy is highly dependent on copper exports, with mineral exports accounting for half of total exports. The fluctuation of international copper prices directly affects its economic stability. In 2020, Zambia became the first sovereign default country in Africa after the COVID-19 epidemic, with total foreign debt climbing to 12.7 billion US dollars.[7] Although foreign debt increased to 14.7 billion US dollars in 2024 due to payments from multilateral creditors, the progress of debt restructuring is slow and fiscal pressure continues. In addition, factors such as drought and power shortage led to a slowdown in GDP growth in 2024. Zambia's GDP growth rate in the first half of 2024 was 1.7%, down 3% year on year. The agriculture and energy sectors were significantly impacted, and the momentum of economic growth was insufficient.[11]

The exchange rate of the Zambian kwacha has been volatile for a long time, affected by falling copper prices, foreign debt pressure and monetary policy adjustments. The kwacha fluctuates greatly against the US dollar throughout the year. In 2024, the central bank raised interest rates to 14% to cope with inflationary pressure, indicating tightened monetary policy. In addition, the government banned the use of US dollars in domestic transactions to promote the internationalization of the kwacha. Although it aims to reduce foreign exchange dependence, it may aggravate black market transactions and inconvenience in cross-border trade.[12][13]

IV. Legal Services Related to Photovoltaic Industry Investment in Zambia

Tiandiren Law Firm will conduct detailed due diligence on Zambia's legal norms and provide the following legal services for Chinese enterprise clients investing in photovoltaic industry in Zambia:

(I) Legal Due Diligence

Conduct credit investigation (such as equity structure, litigation records) and photovoltaic equipment and technical compliance investigation on the target company of Zambia's photovoltaic project. The key verification contents include: whether the target company holds the investment license issued by the Zambia Development Agency (ZDA) and the power generation license of the Energy Regulation Board (ERB). Whether the project land lease rights and environmental impact assessment (EIA) have been approved by the Zambia Environmental Management Agency (ZEMA).

(II) Investment Structure Design

In accordance with Zambia's Investment Act and Companies Act, recommend the type of company suitable for investors. Foreign capital can hold 100% of the shares. For some industries such as mining, local shareholding is required, and there are no special restrictions in the photovoltaic industry. Formulate shareholder agreements and joint venture contracts, clarify equity ratio, profit distribution and exit mechanism, and simultaneously connect with the application requirements of ZDA investment license.

(III) Approval and Filing of Outbound Direct Investment

Assist in handling the Enterprise Overseas Investment Certificate of the Ministry of Commerce and the overseas investment filing of the Development and Reform Commission. Apply for ZDA investment license and ERB power generation license on behalf, connect with ZEMA to complete the filing of Environmental Project Brief (EPB) or EIS, and simultaneously handle the negotiation of Grid Connection Agreement (GCA) with ZESCO.

(IV) Tax Planning

• Local tax optimization: sort out the tax incentives available for photovoltaic projects in Zambia, such as 5-year corporate income tax exemption period, full exemption of import tariffs on photovoltaic equipment, and VAT deferral.

• Cross-border tax burden management: use the China-Zambia bilateral tax treaty to reduce the withholding tax on dividend remittance.

(V) Legal Services for Photovoltaic Infrastructure Construction

1. Bidding Legal Services
Compliance review: In accordance with Zambia's Public Procurement Act and ZDA bidding guidelines, review the compliance of local content requirements and environmental protection clauses in bidding documents, and identify potential risks such as abandoned bid penalty clauses and construction delay liability.
Dispute handling: assist clients in dealing with bidding disputes, and guide clients to handle procedural disputes in accordance with international engineering practices.

2. Contract Review and Drafting
Core contracts: customize photovoltaic EPC contracts, clarify grid access obligations, equipment import customs clearance responsibilities, etc.
Special clauses: agree on electricity price adjustment mechanism and carbon asset ownership in the Power Purchase Agreement (PPA) to avoid exchange rate fluctuation risks.

3. Construction Performance Stage Management
In accordance with relevant Zambian regulations, regularly check the impact of photovoltaic array construction on ecological protection zones, and report to ZEMA in advance. In case of construction disputes, assist in starting the negotiation procedure, or apply for government intervention based on the "stability clause" in the investment agreement, and take preservation measures if necessary to prevent construction delay.

(VI) Cross-border Labor and Human Resources Compliance

1. Labor Law Research
In accordance with Zambia's Immigration Act, clarify whether foreign technical personnel need to apply for a "special skill work permit" and the approval cycle. According to Zambia's Employment Promotion Act, foreign-funded enterprises shall ensure that at least 80% of employees are local residents. Photovoltaic projects need to additionally meet the Local Content Policy of the Ministry of Energy, requiring 30% of technical positions to be held by local certified personnel. Zambian trade unions are active. It is necessary to investigate the trade union forces in the project location in advance, clarify the salary adjustment mechanism in the labor contract, and avoid strikes caused by salary disputes.

2. Labor Contract and Compliance Review
Draft labor contracts in compliance with Zambia's Labor Act, clarifying minimum wage standards, overtime compensation and social security payment obligations and other labor and employment legal issues. Design "service contracts" for foreign executives, agree on the term of work and tax declaration responsibilities, and simultaneously handle the linked renewal of work permits and residence visas.

(VII) Dispute Resolution

1. Mediation: assist clients to formulate dispute resolution solutions through local mediation institutions in Zambia or international mediation procedures, facilitate the two parties to reach an agreement, efficiently resolve disputes, and reduce confrontation and dispute resolution costs.

2. Arbitration: ensure that the arbitration agreement clearly defines the dispute matters and procedural rules in written form, represent the initiation of arbitration procedures and submit applications or statements of defense, assist in the selection of arbitrators and handle disputes related to the formation of the arbitral tribunal, guide evidence sorting and hearing participation, follow up the award-making process and review its legality, and represent the application to the court for compulsory enforcement or cross-border recognition if the other party fails to perform the award.

3. Litigation: represent clients in court litigation procedures, handle jurisdiction disputes, evidence submission and court defense, provide litigation strategies for complex disputes, and pay attention to the legal path for the recognition and enforcement of foreign judgments in Zambia.

(VIII) Training on Photovoltaic Industry Investment in Zambia

Design a training system of "Photovoltaic Industry Investment Training in Zambia", covering core fields such as labor law, environmental protection law and dispute resolution; combined with typical cases, provide scenario-based legal practice training such as EPC contract risk prevention and control and labor dispute response strategies. Special training (such as tax compliance, foreign exchange management) can be customized according to customer needs to improve the team's localized operation ability.

References

[1] Guide to Outbound Investment and Cooperation by Country (Region) – Zambia
[2] Introduction to Investment Promotion Policies: Zambia. https://www.wedoany.com/zh-cn/shortnews/2R551WRq.html
[3] Energy Department Approval Speeds Up, Solar Projects Approved in Two Days. https://zm.mofcom.gov.cn/jmxw/art/2025/art_e6dbb45704d14d38a5887c97d8c8a48d.html
[4] Zambia Attaches Great Importance to Pollution of Energy Enterprises. https://zm.china-embassy.gov.cn/chn/zbyzyxw/202201/t20220126_10634383.htm
[5] Zambian President Calls for Support for Solar Investment Projects. http://fec.mofcom.gov.cn/article/xgzx/xgzxtzhzcj/202505/20250503580071.shtml
[6] Sinoma Energy Conservation (603126.SH) Plans to Implement Zero-external Power Purchase Green and Low-carbon Project of China National Building Material Zambia Industrial Park. https://news.qq.com/rainbow/a/20250326A08RMA00
[7] Chengdian International Won the Bid for Zambia Photovoltaic Project: A New Paradigm of Chinese Photovoltaic Going Global Under the African Energy Gap. https://mp.weixin.qq.com/s/EaF838Kh4NvKhMwejVQF_g
[8] ZESCO Plans to Pay Off Debts in the Second Half of 2026. https://mp.weixin.qq.com/s/EeL7tKEnG_yu_cfhsu-bFg
[9] Global Corruption Perceptions Index. https://zh.tradingeconomics.com/zambia/corruption-rank
[10] General Information of Zambia. https://www.fmprc.gov.cn/web/gjhdq_676201/gj_676203/fz_677316/1206_678698/1206x0_678700/
[11] Preliminary Value of Zambia's Real GDP in Q2 2024 Increased by 1.2% Year on Year. https://www.topedb.com/p/211231
[12] Zambia's Central Bank Raises Interest Rates Sharply to the Highest in 7 Years to Cope with Inflationary Pressure. https://zm.mofcom.gov.cn/jmxw/art/2024/art_1527609967654d7ea7aee29ecd0469b6.html
[13] Major Move of Africa's "Country of Copper": Using Foreign Currency May Be Classified as Crime, Facing Up to Ten Years of Imprisonment. https://www.ccpitzj.gov.cn/art/2024/7/8/art_1229557691_45021.html