The International Finance Corporation IFC has signed a Memorandum of Understating MOU with ZANACO worth 25 million United States dollars aimed at increase access to finance for smaller entrepreneurs and agricultural business companies in Zambia.
According to the MoU signed today, Zanaco will use the 25 million United States dollars senior loan from IFC, a member of the Word Bank, to increase products and services that target small and medium enterprises, especially in the agriculture sector.
It will also expand its lending in less developed and rural regions of Zambia were many entrepreneurs and businesses face difficulties in accessing finance, and raise its environmental and social standards.
Speaking during the signing ceremony, Zanaco, Managing Director Mark Wiessing says the loan facility will assist the bank in supporting the SME sector in Zambia.
And IFC vice president for Business Advisory Services Rachel Kyte said her organization is committed to helping build an inclusive financial sector in Zambia by increasing access to finance for smaller businesses including the agribusiness sector.
She says the International Finance Corporation hopes to build on the strong relationship with Zanaco to increase financing to other important sectors of the Zambian economy.
[QFM]
ANOTHER PLUS FOR MMD AND ZANACO. PROPHETS OF DOOM PF AND HH TO BE POINT ON NAIL CRIED OUT LOUDEST WHEN ZANACO WAS SOLD. INSTEAD OF CLOSING DOWN NOW ZANACO IS THE BEST BANK IN ZAMBIA. WAIT FOR ZAMTEL AND SEE HOW ZAIN AND MTN WILL START CHANGING NAMES. VIVA MMD VIVA RB COME 2011 FRAGMENTED PF/UPND PACT WE SHALL WALLOP YOU AGAIN AND AGAIN AND AGAIN AND AGAIN
This makes good reading. Congrats to the government.
where are the PF/UPND thugs?We want them to respond to this development.
Zanaco Bank can do much better than this under a responsible government. Infact Zambia is not Zanaco only. By the way there are other banks in Zambia that can also help boost the national economy. Not all Zambians are Zanaco. There are no thugs under the Pact but there are proven thugs under the MMD. Very soon the Head will also be arrested for stealing government cash. Its quite customary for MMD leaders to steal. For them its in fashion to steal.
Pact Guardian – which PACT are you the guardian of exactly? If certain MMD leaders like stealing, can you please explain to some of us why your inconsistent drivel speaking maniacal leader was supporting that leader to go for an unconstitutional third-term?
An interesting development.
LT. what is going on . . .?
#5 Makanja….well said! I could even feel your anger :d:d:d
This is not something to be proud of. This is how the World Bank, using it’s so called affiliates like the one above indirectly makes poor countries to take out huge loans that will take centuries, if at all, to be repaid. It saddens me to see how easily this country of ours is being sold out so cheaply.
If more politicians in this country were thinking about the next generation instead of the next election, it might be better for Zambia.
#4PACT GUARDIAN YOU ARE IGNORANT AND LOST KEEP DREAMING