The African Development Bank Board of Directors has approved USD 50 million line of credit to the Development Bank of Zambia for local Small and Medium Enterprises [SME’s].
This was disclosed when AfDB Resident Representative Damoni Kitabire paid a courtesy call on Finance Minister Felix Mutati today.
“We are now at the stage of working towards the finalisation of agreements which will govern the use of the proceeds strictly for eligible SME’s only,” said Mr. Kitabire.
Speaking at the same function, Mr. Mutati said one of the key areas of focus for the economic recovery and stabilisation programme will be to secure affordable long-term financing for industrialisation and agro-processing.
“This concessional facility comes at an opportune time as it exemplifies your rising confidence in our economic governance, and will assist us in strengthening growth areas and reducing unemployment among our people,” said the Minister.
The Minister thanked the AfDB for the assistance and indicated that options are open for securing more SME financing to be channeled through DBZ.
Can we have update on which Small and Medium Enterprises have befitted from the loans that were given before. How many are successful businessmen and how many have failed? Then we can gauge whether these loans are actually improving people’s lives.
Good news
We gave 5million dollars to a lodge owner and supporter of the PF
We can now improve that sum, by chasing up on DBZ past uncollected debt amounts for Zambia Airways, by starting with…….
The govt is tired of borrowing now, so they ask the development bank of zambia to borrow from another bank so that the govt can in turn lend out the money to SME’s which will just eat the money.
Lend? Lol, the ordinary people will not see that money, that money will end up in the corrupt politicians pockets.
Has Mwanakatwe repaid her loan from CEEC?
How can she pay back when she is the minister of commerce? These people have no shame, sometimes you would expect educated women to be different, but awe sure. Look at the disgraced woman ex-Farmers Union president dr. Evelyne.
How are the Nchitos doing with the DBZ loan? Any updates?
Mentioning this bank without Nchito is incomplete