Finance industries that will engage in value addition, Government tells Afrexibank

Vice President, Inonge Wina, has appealed to the Africa Export –Import Bank (Afreximbank) to consider financing industries that will engage in value addition.

Speaking at her office today when a delegation from the Afreximbank paid a courtesy call on her, Mrs Wina explained that establishing of industries will help to boost trade and increase the country’s export earnings.

She cited copper, agriculture products and forest products as some of the products that need value addition.

The Vice President lamented that Zambia is dependent on row materials to enhance the need to establish industries that can help add value to local products.

Mrs Wina said Afreximbank is critical in financing the establishment of local industries in the country.

The Vice President further implored Afreximbank to establish a department that will help to promote entrepreneurship.

She stated that most of the women fail to access the services of banks hence the need to establish an entrepreneurship department.

Mrs Wina noted that only big institutions are benefiting from the services of banks while majority of the women are left out.

The Vice President has since saluted Afreximbank for the financial assistance the bank is rendering to Zambian campaigns.

And speaking on behalf of the visiting delegation, Afreximbank President, Jean Louis Ekra, assured the Vice President that his bank will critically look at ways of helping in financing establishment of industries.

Mr Ekra said value addition was a challenge hence the need for the bank to set up a facility that will help with value addition.

Meanwhile Mr Ekra has disclosed that the bank is currently negotiating with the Development Bank of Zambia (DBZ) to acquire land so that the bank can put up a facility that will benefit many people in value addition.

The Afreximbank delegation is in Zambia to attend the Annual General Meeting which will run from the 8th to the 14 of June, 2015.

Zambia is a shareholder of the multilateral financial institution which was established in 1994 by African governments and private institutions.