Zambia, one of Africa’s largest copper exporters, has signed a $19 billion investment agreement with Qatar’s Al Mansour Holdings, in what officials described as one of the biggest bilateral investment deals in the country’s history.
The agreement, signed in Lusaka on August 18, 2025, by President Hakainde Hichilema, Rodney Sikumba, Tourism Minister, Sheikh Mansour Bin Jabor Bin Jassim Al Thani of Qatar, and Nidal Ammache, Al Mansour Holdings Chairman, covers housing, infrastructure, and financial sector reforms aimed at accelerating growth and job creation.
Key provisions include the construction of 1.5 million homes, the establishment of a national development and investment bank, rollout of smart city projects, and large-scale agriculture initiatives focused on food security, irrigation, and export-oriented agro-processing.
“This partnership is about specifics, not just promises,” Hichilema said, adding that Zambia will also use the funds to strengthen its financial system and attract private investment into energy, aviation, and infrastructure—sectors he described as critical bottlenecks.
Zambia’s energy sector remains highly vulnerable due to its reliance on hydropower, which is exposed to climate shocks such as drought. The World Bank warned in January that the sector faces “significant financial viability issues and climate shock, hindering economic growth.”
Al Mansour Holdings, which has operations across multiple industries globally, said it views the deal as a long-term partnership. “Our vision is to build on friendship and use our technical experience across sectors worldwide to deliver transformative impact,” Ammache said.
Trade ties and Qatar pivot
The agreement reflects Zambia’s broader strategy to diversify its economy and reduce dependence on copper, which accounts for the bulk of its exports. Despite recent reforms, diversification into agriculture and manufacturing has been slow, leaving the country exposed to swings in commodity prices.
Trade with Qatar has been limited but uneven. Bilateral trade reached $114.3 million in 2023 before plunging to $30.8 million in 2024, according to the International Trade Center. Zambia exports mainly copper and agricultural goods to Doha, while importing petroleum, plastics, and chemicals.
Officials hope the new pact will deepen ties beyond commodities, unlocking new sectors for growth. The government has previously sought to reorient trade policy through initiatives such as the Enhanced Integrated Framework, a global platform that helps least-developed countries leverage trade for growth and poverty reduction
