THE CITIZENS Economic Empowerment Commission (CEEC) will this year give out over K100 billion (KR100m) as economic empowerment loans throughout Zambia, Director General Likando Mukumbuta has disclosed.
Mr Mukumbuta said each province would receive between KR10 million and KR12 million of which 30% would be allocated to the women and 40% to the youths while the balance would be for various entrepreneurs and the disabled.
Speaking yesterday during a stakeholder’s consultative meeting in Kabwe, he said in order for the economic clusters to work, local people should be engaged.
He explained that it was for this reason that the commission had started carrying out consultative meetings throughout the country to identify the products that were found in each province so that an economic cluster would be built based on the products found in that area.
He said in the past the commission used to give out loans directly but since the loans had increased, the commission decided to engage financial institutions that were supervised by the Bank of Zambia to act as intermediates for the process to be effective.
Mr Mukumbuta said for the economic clusters to work well, the commission started identifying products in each province that were abundant and build around that to ensure that a finished product is merged.
He said starting from 2013 the commission would be picking three districts and identifies the product that was readily available and so far the commission was consulting on the need to build on the dairy industry in Kabwe district.
He said the commission would soon call for proposals in 30 districts and he encouraged the local people to apply.
And Kabwe chamber of commerce representative Lauren Haangala was happy over the need to have the local people tap into the economic cluster.
Mr Hangala said the district produced a number of products that would generate higher incomes if turned into finished products.
Meanwhile chairperson for the Zambia Federation of Association of Women in Business in Kabwe Symphrosa Chomba said the programme was well thought and that it would yield good results if well managed.
Ms Chomba said the programme would not only benefit already set up businesses but also upcoming ones.
Count me in.
That is a very well come move. lets hope fairness will be exhibited when disbursing the funds. We don’t want a situation where officials at the CEEC give each other Loans.
economic empowerment loans?? this is funds destined to go to PF cadres if only these institutions were more transparent and how much has been paid back so far from the economic empowerment loans that were dished out in the previous years.
Good move. But let us warn you that If you PF are going to behave like the MMD who gave such funds to their cadres, just know that we shall campaign against you in 2016. Let all Zambian have access to these funds. Not only your relatives , girlfriends, man friends etc. What we want is to see a situation where every eligible Zambian gets access to the funds. We warn you PF, listen if you have ears.
Peace and Prosperity to Mother Zambia.
What is the criteria for applying for these loans? What security or collateral is needed. I would suggest some sort of training for the potential loan beneficiaries to undergo some sort of training in snmall business and financial management. These loans should be given out on merit looking at the best and sustainable business plans rather than to what party someone belongs to
If you ask me this is a perfect piece of the puzzle o economic development.Claims of these funds belonging to the PF cadres are unfounded and people should just be innovative and think real business instead of trying to heap blame on others for your failures.Just come up with a sound business plan based on the economic clusters and you could be the next Bill Gates.Get to work or better still stop making noise if you cant.
good move indeed. what is just needed is sensitisation so a lot of the target groupes are aware of these funds unlike landing the money into cadres hands who will just misuse the funds and no developmental projects coming up and the nation lagging behind.
cheers.
am Joseph mubanga resident of kasama in northern province of Zambia,i have a small company i offer security guards,cleaning services, plumbing and general supplying to all public institution,but i have no capital to my business going upwards please i need help