The Economics Association of Zambia says banks should consider waiving stringent loan requirements to boost access to finance for Small and Medium Enterprises-SMEs.
EAZ president Lubinda Habazoka says the stringent requirements such as provision of collateral and audited financials reports should be waived to enable the SMEs grow.
He says there is need for more meaningful access to finance for SMEs through addressing challenges that affect access to capital.
Dr Habazoka was speaking during a press briefing which follows the hosting of the successful national economic summit in Livingstone.
He said high interest rates have overcrowded the domestic money markets making commercial banks prefer locking liquidity in government securities as opposed to extending credit to SMEs.
Dr Habazoka also called on local businesses to support value addition purposes.
He said there is also need to de-risk and diversify the energy sector to cushion power deficits.
Dr Habazoka further called for easing of aviation costs, competitiveness and sustainability of the national airline as a way of reaping benefits by revamping dead industries such as horticulture.