Government through the Citizen Economic Empowerment Commission ( CEEC) has set aside K1 billion to be disbursed to marketers as soft loans countrywide.
Lusaka District Commissioner, Christah Kalulu, said CEEC has since engaged the Zambia National Marketers Credit Association (ZANAMACA) to disburse the funds to marketeers.
The fund will be used as seed capital meant to expand their businesses.
Ms Kalulu disclosed the development in Lusaka when she officiated at the ZANAMACA loan scheme programme launch in Lusaka today.
She reiterated government’s commitment in improving the welfare of marketeers through the construction of modern markets countrywide in order to cater the ever increasing number in the informal sector.
The district commissioner said the construction of the markets is government’s long term solution in mitigating street vending in the country.
Ms Kalulu urged the marketers to inculcate a culture of paying back of loans as the facility is a revolving fund meant to benefit other marketeers.
Earlier, ZANAMACA president Frank Kameya said the scheme is a testimony of how through the public private partnership , marketers can contribute greatly to the growth of the national economy.
Mr. Kameya commended government for initiating the CEEF saying it is meant to assist the financially weak in society in accessing the loans at competitive bank rates.
The funds will be disbursed in phases as a pilot project starting with with Mtendere ,Ng’ombe, Soweto and Chitukuko markets getting the initial K 1 billion before rolling the programme to other markets countrywide.
ZANAMACA recently partnered with the ZANACO bank in the provision of XAPIT instant banking to the marketers.
The development has also brought of board the M-Mobile technology who will provide marketers with cheap mobile phones while Nasla chemicals will engage selected marketers as sales agents for its cosmetic products.
ZANIS/JT/MP/MKM/ENDS
Am not too sure what this term ‘soft loan’ means in this current financial crisis. Maketeers don’t make much as it stands. It is therefore important that loans are given to those who will be able to repay at resonable rates and not lock people in debt forever.
The term “Soft loans” implies that the loans are quite easily accessible for the poorer class and can affordably paid back within a reasonable stretch of time. I think it’s exactly what the marketters need.
I know what the term implies I just don’t think what is said by officials is what actually happens
This is a fresh good move as this will help alleviate poverty levels in the country. Way to go Govt. and keep it up.
Chief Mumena, in a slouch hat, with a (mous)touche like a well-fed chinkubala, LOL
Why starting with Lusaka? Hope no politics is involved.
Money down the drain if you ask me.