National Blueprint · One of 195
A copper nation of 21.9 million that restructured $3 billion of bonds in 2024, and where four in ten citizens are undernourished.
Perfect Nations values what Zambia owns and raises capital against it, through innovative financing for development (FfD) and super intelligence (SI).
Zambia at a glance
What we do for Zambia
Perfect Nations is a new-age sovereign advisory firm, and its clients are nations.
The whole logo: a Perfect Nation, where every citizen has all seven basic standards of living, led by good governance.
01Assets · The cup · Sovereign Assets
Each is owned today, earns today, and can carry Zambia toward seven basic standards of living for every citizen.
35.3%Natural resource rents, share of GDP, 2021
The Copperbelt, linked to the Indian Ocean by rail and road, with some 550 km of new railway planned in Zambia to reach the Atlantic port of Lobito.
89%Of electricity from renewables, 2023
The Zambezi and the Kafue: clean power, and 3,980 m³ of fresh water per person.
60.5%Of land under forest, 2024
Woodland across three-fifths of the country.
32.1%Of land in agriculture, 2024
Room to grow more food, while 41% of people are undernourished.
21.9mCitizens, 2025
Nearly half live in towns and cities.
02Capital · The laurels · Capital Architecture
Bonds, guarantees, swaps and loans that raise capital against what Zambia owns, every line sourced.
Capital ArchitectureThe record in figures
Capital already committed
Tender offer announcement of 4 June 2026 for $1,364,725,564 of Fixed Rate Step-Up Amortising Notes due 2053 · $740 per $1,000 plus early fees · Financed with a $600 million African Development Bank Group loan and the Government’s own resources
$275 million earmarked for investment in the energy sector
Zambia bought back its $1.36 billion 2053 Eurobond, one of the two bonds issued in the 2024 restructuring, with a $600 million loan from the African Development Bank Group and its own resources. The Government has committed to earmark $275 million, to be invested in the energy sector to provide reliable and affordable electricity. It serves the energy standard.
Government of ZambiaAfrican Development Bank
SourceAgreement in principle 25 March 2024 · Approved by holders of 97.23% of the 2022 notes, 94.06% of the 2024 notes and 97.42% of the 2027 notes · Exchange implemented 11 June 2024
Exchanged for new bonds of $1.72 billion due 2033 and $1.36 billion due 2053
The exchange of Zambia’s three Eurobonds, of $750 million due 2022, $1 billion due 2024 and $1.25 billion due 2027, for two new amortising bonds. The IMF records the exchange as implemented on 11 June 2024, with significant external debt service relief that protects the budget for the seven standards.
Government of ZambiaBondholders
SourceStaff-level agreement 9 October 2026 · SDR 1,076 million · 36 months · Subject to IMF Executive Board approval and agreed prior actions
Inflation 6.1% and gross international reserves $6.1 billion in September 2026
A proposed new IMF arrangement of $1,472 million over 36 months, to support macroeconomic stability, debt sustainability, rebuilt buffers and private-sector-led growth. It follows the arrangement completed in January 2026 and anchors the public finances behind the seven standards.
International Monetary Fund
SourceAnnounced 23 July 2026 · IDA grant · Part of the RETRADE-SA Multi-Phase Programmatic Approach · About 47 km in Zambia of the 192 km, 400 kV corridor
Access to regional electricity markets for Zambia and Malawi
Finances the Zambian section of a 400 kV transmission line to Malawi, about 47 km of a 192 km corridor. It gives both countries access to regional electricity markets, a more diverse supply and greater resilience to climate shocks, which serves the energy standard.
World Bank
SourceApproved by the GCF Board 28 March 2026 (B.44) · Grant · Entity: Ministry of Finance and National Planning · Estimated completion 28 March 2031
Total value $30.3 million; 840,000 people in smallholder households
Green Climate Fund grant to build the climate resilience of 840,000 people in Zambian smallholder households, with improved insurance products expected to reach 140,000 farming households and agroforestry packages 65,000 households. It serves the food and livelihood standards.
Green Climate Fund
SourceApproved, announced 16 March 2026 · Grant · Second operation of a programmatic series
Follows the first operation, of $100 million
Budget support for reforms in fiscal management and resilience, mineral revenue transparency, state-owned enterprise governance, carbon markets, public-private partnerships, renewable energy, disaster risk management, adaptive social protection and the financial sustainability of the water sector. It protects the livelihood, energy and water standards against shocks.
World Bank
SourceApproved 31 August 2022 for SDR 978.2 million, 100 percent of quota · Augmented 26 June 2024 to SDR 1,271.66 million, 130 percent of quota · Sixth and final review completed 27 January 2026
SDR 1,271.66 million disbursed in all; the last SDR 138.9 million (about $190 million) in January 2026
IMF lending that supported Zambia’s economic programme through its debt restructuring, augmented in June 2024, when a severe drought had hit agriculture and electricity generation. With the final review the full SDR 1,271.66 million, about $1.7 billion, had been disbursed.
International Monetary Fund
SourceApproved, announced 24 September 2025 · IDA grant · $37 million more in grants from the GEF, the LDCF, the Africa Climate and People Trust Fund (funded by the NDF), the SCF and SCALE
Total investment $137 million; over 650,000 people
Sustainable land management over more than 680,000 hectares of the Miombo ecoregion: climate-smart agriculture, restoration of degraded landscapes, hydromet services and community forest management, with a new jurisdictional emission reduction programme for carbon markets. It serves the food and livelihood standards.
World Bank
SourceApproved, announced 23 September 2025 · IDA grant
Broadband, digital public platforms and digital skills
Extends backbone and last-mile broadband, builds interoperable and secure platforms for digital government services and regional trade, and develops employment-ready digital skills among young people and underserved groups. It serves the livelihood and education standards.
World Bank
SourceApproved, announced 28 July 2025 · IDA grant · 13th phase of the regional ASCENT programme
More than one million beneficiaries within five years
Electricity for remote and underserved communities and reliable power for businesses, with new technologies and local capacity to maintain energy infrastructure. It serves the energy standard and is part of Mission 300, the goal of reaching 300 million people in Africa by 2030.
World Bank
SourceApproved, announced 28 April 2025 · IDA grant
Kafubu, Luapula, North-western and Western water utilities
Supports sector governance reforms, better billing, lower water losses and more household water connections and latrines, reaching growth centres and rural areas. It serves the water and shelter standards.
World Bank
SourceApproved, announced 18 December 2024 · IDA grant · $25 million development policy financing and $75 million Catastrophe Deferred Drawdown Option
Quick liquidity after a national disaster
Budget support for Zambia’s resilience to natural disasters and other shocks, which also helps to cover budget pressures from the drought, with $75 million of contingent financing that provides quick liquidity after a national disaster. It protects the food and livelihood standards.
World Bank
SourceAnnounced 9 July 2024 · IDA grant from the Crisis Response Window · Emergency cash assistance over 12 months
Will include a $7.6 million grant from the GEWEL multi-donor trust fund
Emergency cash assistance through the Social Cash Transfer programme in 84 drought-affected districts, for about 904,635 current beneficiary households and over 726,361 new drought-affected households. It serves the food standard.
World Bank
SourceAnnounced 28 March 2024 · IDA grant E3020-ZM, SDR 112.8 million · Financing Agreement signed 30 April 2024 · $150 million IDA and $7 million Global Financing Facility · Closing 30 June 2028
More than 107,000 adolescent girls kept in school
Keeps more than 107,000 vulnerable adolescent girls in school, widens economic opportunities for 58,000 women, strengthens adaptive social protection and supports nutrition for at least 25,000 households in the hardest-to-reach communities. It serves the education standard, which sets Zambia’s Coverage, and the livelihood standard.
World Bank
SourceAnnounced 20 February 2024 · IDA grant E2930-ZM, SDR 201.2 million · Financing Agreement signed 7 March 2024 · Closing 27 February 2030
2.5 million people in Zambia, about 13% of the population
Rehabilitates the Serenje–Mpika section of the corridor to Tanzania, builds a One Stop Border Post at Nakonde and makes the corridor a SMART corridor with real-time traffic management. It serves the livelihood and food standards.
World Bank
SourceIDA credit 7345-ZM · Financing Agreement signed 12 December 2023 · Closing 15 December 2028
Markets, finance and firm growth in agribusiness
Aims to increase access to markets and finance and to promote firm growth in Zambia’s agribusiness sector. It serves the food and livelihood standards.
World Bank
SourceProgram Appraisal Document of 3 June 2022 · IDA credit · Program-for-Results · Closing 31 December 2026
Agricultural diversification and jobs in the agri-food sector
Results-based financing to promote agricultural diversification, sustainability and jobs in Zambia’s agri-food sector. It serves the food and livelihood standards.
World Bank
SourceApproved, announced 6 August 2026 · African Development Fund loan, first tranche under ADF-16 · $10 million grant from the Rome Process/Mattei Plan Financing Facility · Financing may reach up to $500 million in later phases, subject to further resources
Some 550 km of railway in Zambia and 105 km of the Mwinilunga–Jimbe road
Concessional finance for the integrated Lobito economic corridor, which links Zambia to the Angolan port of Lobito. The project includes some 550 km of railway to be built in Zambia, the upgrade of 105 km of the Mwinilunga–Jimbe road, trade facilitation and institutional support, and the AfDB expects about 500 permanent and 5,000 temporary jobs. It serves the livelihood standard.
African Development Bank
SourceApproved, announced 12 December 2024 · Loan
Revenue, public investment and agricultural mechanisation
Supports reforms for fiscal sustainability and private sector participation, domestic revenue, including a smart invoice system and the registration of 12,000 VAT taxpayers, public investment management and agricultural mechanisation through ten mechanisation centres. It serves the livelihood and food standards.
African Development Bank
SourceSigned 12 November 2025, EU–Zambia Lobito Corridor Business Forum, Lusaka · ZMW 1.05 billion · Led by the Government of Zambia
Access to secondary education and learning outcomes
European Union support for the Government of Zambia’s education reforms, focused on access to secondary education and on learning outcomes. It serves the education standard, which sets Zambia’s Coverage.
European Union
SourceSigned 12 November 2025 · EU contribution to a €117.5 million programme · Co-financed by the Government of Zambia, the private sector and the World Bank
Operability and efficiency of Zambia Railways Limited
European Union support to enhance the operability and efficiency of Zambia Railways Limited and to strengthen rail sector regulation, as the railways prepare for the Lobito corridor. It serves the livelihood standard.
European Union
SourceSigned 12 November 2025 · EU €20 million and Germany (BMZ) €21 million · ZMW 1.08 billion
Water supply through solar energy in North-Western and Copperbelt provinces
Team Europe finance to improve water supply through solar energy and efficiency in the North-Western and Copperbelt provinces. It serves the water and energy standards.
European UnionGermany (BMZ)
SourceSigned 17 October 2024 · Millennium Challenge Corporation grant · Roads and Access, Asset Finance, Agriculture Policy Reform and the American Catalyst Facility for Development
With $33 million from Zambia, a $491 million compact
A United States grant compact to advance Zambia’s agriculture sector: 210 miles of road and transport infrastructure, investment in electricity, irrigation, logistics and processing equipment, and grain market policy reform. It serves the food and livelihood standards.
Millennium Challenge Corporation
SourceCredit line signed 30 July 2025 · €4 million risk-sharing facility signed 10 November 2025, supported by a European Commission grant · ZICB to match the €15 million
€30 million in all for agri-food SMEs; at least 30% for women-led or women-owned businesses
EIB Global lending through Zambia Industrial Commercial Bank to small and medium-sized enterprises in agriculture value chains, with a risk-sharing facility that helps the bank lend to smaller agri-food firms and smallholder farmers. It serves the food and livelihood standards.
European Investment BankEuropean CommissionZambia Industrial Commercial Bank
SourceApproved, announced 31 October 2025 · AfDB $7.27 million from its own resources, matched by concessional finance from a development finance institution · GET FiT Zambia · 25-year power purchase agreement with ZESCO
Electricity for 82,000 people
A 20 MW solar plant in the Copperbelt Province with a 10 km, 33 kV line to the national grid, whose whole output ZESCO is to buy. The AfDB expects it to supply electricity to 82,000 people and avoid 58,740 tonnes of CO2 a year. It serves the energy standard.
African Development Bank
Source
Mutale ChandaNation Steward of Zambia · SI Researcher
Independent firms and social enterprises already at work in Zambia, highlighted by Perfect Nations. None is a partner of Perfect Nations.
An integrated agribusiness running from crop production to animal feed, grain to flour and livestock to processed meat, with 236 retail outlets. In May 2025 the African Development Bank approved a kwacha-denominated Risk Sharing Credit Guarantee for its $100 million expansion programme, which the Bank expects to support more than 86,000 farmers, outgrowers and small businesses.
AfDB, 2025Sells clean cooking: fuel-efficient, IoT-enabled stoves with biomass pellets made from local waste at its plant in Ndola, on the Copperbelt, supplied with minimal upfront cost. In February 2025 PIDG and ElectriFI invested €4 million to finance 14,800 new stoves, for up to 74,000 people.
PIDG, 2025Runs the eSchool 360 model in rural Zambia: lessons by tablet and projector, teacher supervisors and weekly coaching for teachers, school supplies, rooftop solar power, locally hired teachers and parent-teacher associations. It piloted the model in eight schools in Katete District in 2013 and in 2017 set out to bring it to 35 more schools in the Eastern Province.
Impact NetworkLends to small and medium-sized enterprises in agriculture value chains. With EIB Global it is mobilising €30 million for agri-food businesses, at least 30% of it for businesses led or owned by women, backed by a €4 million risk-sharing facility.
EIB, 202503Solutions · The seven stars · Perfect Capita
Perfect Capita is the yearly cost, per person, of lifting everyone above the Living Line in all seven basic living standards, set with Zambia in its own prices.
How Perfect Capita worksTap a star for its figure and source.
The price of Perfect Zambia
To be set with Zambia, from its own figures and in its own prices: Perfect Capita times the people of Zambia, each year.
Perfect Nations estimate, to be confirmed with Zambia. Figures marked dated rest on surveys more than five years old; lenient measures are marked as such. The strict measures
Strict measures. Food: share not moderately or severely food insecure (FAO). Water: safely managed drinking water where measured; where it is not, basic water, marked as such. Shelter: the lower of safely managed sanitation and the share outside urban slums. Energy: the lower of electricity per person against 1,000 kWh and clean cooking. Education: the lower of children reading by the end of primary school and lower-secondary completion. Health: WHO service coverage index. Livelihood: share above the stricter of the national poverty line and the World Bank line for the nation’s income group. Each figure links to its source.
Solution No. 37
Every kwacha earned above the budgeted copper price goes to children learning to read.
98%of Zambian children could not read a simple text, 2019
Deal Note No. 09
$275mearmarked for Zambia’s energy sector over 15 years
You were the first nation in Africa to default in the pandemic, and you have come back. … The ground is rich and the debt is settled. The table is not yet full.
“You renegotiated your debts. Now negotiate a decent life into every tonne of copper.”
Work with us · The ReDesign Studio
One mission, three depths: the same four moves for Zambia, taken as far toward market as you choose.
For the Government of Zambia, its development partners and investors. Scope and fees are agreed in writing before any work begins.
Mandate 013 hours
A private session for the people who decide.
You leave withThe gap, named and sized
Mandate 023 days
Your team and ours, working the blueprint together.
You leave withThe structure, drawn
Mandate 03End to end
Led personally by the President and CEO.
You leave withA structure ready for market
Where Zambians and Co-designers design the nation they want to live in.
Writings
Up to 1,500 words on your vision of Perfect Zambia, published with your name.
Submit your writingVoices of Perfect Nations Launching soon
Great local leaders: honest, dedicated and committed to basic standards of living for all. Every guest answers one question: “What does Zambia already own, and how could it pay for a decent life for every citizen?”
Co-designers
Everyone who shares a vision, a voice or an enterprise here becomes a Co-designer of Perfect Zambia.
Become a Co-designerThe Zambia ReDesign Studio is open
Share your vision, suggest a guest, or write to us: every message receives a personal reply.
