Under the ACP Business-friendly programme macro-level intervention, the World Bank provides support to the diversification of the country’s economic base and increase investments t o enhance Zambia’s private sector competitiveness.
- Under the investment Policy and Promotion workstream, ACP Business-friendly is supporting the delivery of investor services under Zambia Development Agency (ZDA) and strengthening the legal framework governing foreign investment.
- Under the Business Regulation and Quality Infrastructure workstreams, the programme is working on the adoption of guidelines for a cross-governmental system of risk-based regulation; and supporting the BRRA in rolling out the e-Registry to cover local authority licenses.
The “Risk-Based regulation Guidelines for Public Bodies in Zambia” were finalised in close collaboration with the Business Regulatory Review Agency (BRRA). The guidelines elaborate a vision for regulatory agencies and public bodies in Zambia to incorporate a risk-based approach to the way they regulate. More specifically, they provide a set of principles that public bodies should adhere to as part of their efforts to better regulate as well as specific guidance that covers the key stages of the regulatory process.
In November 2023, the guidelines were launched officially. On this occasion, the Zambian Government said that it is committed to enhance the quality of regulatory frameworks that governs the business activities in order to create an enabling environment that attracts increased investments and promotes business growth. “To attract private capital, it is critical for Zambia to strengthen regulatory coherence and reduce red tape, while making the best use of the limited resources regulatory agencies have” said Mr Achim Folk, WBG Country manager. He added that by focusing on sectors, activities and businesses that pose the highest risk, resources can be optimised to enhance compliance and enforcement.