The Development Bank of Zambia (DBZ) has signed a 30 million dollar loan agreement with the Chinese Development Bank.
The loan is meant to support small and medium enterprises (SMEs) in the country.
Speaking during the signing ceremony in Lusaka this afternoon, Chinese Ambassador to Zambia Yang Yoaming says SMEs play an important role in the development of any country.
Mr. Yoaming says no country can develop without the development of SMEs thus it is important that SMEs have access to finance to help them grow.
And DBZ Managing Director Jacob Lushinga says the loan will be repaid in 8 years at an interest rate of 5.5% per annum.
He says the targeted SMEs are those in the agriculture, mining and quarrying, manufacturing and tourism sectors.
And speaking after witnessing the signing ceremony, Finance Minister Alexander Chikwanda says he is hopeful that DBZ will exhaust the loan and use it for the intended purposes.
Mr Chikwanda says it is government’s hope that as many SMEs as possible will benefit from the loans so that they grow and contribute to the economic development of the nation.
Chikwanda says he hopes the money will be used for intended purposes….
Chikwanda knows the theives are waiting and their travel agents with booked flights around the globe for usless workshops. There is soooo much plunder in PF…