Tuesday, June 18, 2024

Zambian Private Sector should take advantage of the 750 million US dollars financing facility

Share

Finance Minister Bwalya Ng’andu
Finance Minister Bwalya Ng’andu

Zambian Private Sector should take advantage of the 750 million US dollars financing facility offered by the African Development Bank to achieve stability, sustain their growth, and become competitive in the domestic and international market place, Finance Minister Bwalya Ng’andu has advised.

Zambia has a sustainable lending limit of 750 million US dollars at the African Development Bank for both sovereign and non-sovereign borrowers for 2019.

Dr. Ng’andu described the loan facility as a honeycomb of empowerment for Zambia’s small and medium scale enterprises after African Development Bank Country Manager Mary Monyau disclosed the facility during a consultative dialogue held at the Ministry of Finance Headquarters in Lusaka.

Ms. Monyau reaffirmed that a further 50 million US dollars lending facility is available through the Development Bank of Zambia.

She added that many international development financial institutions are keenly following the proceedings between the Bank and the Government because they consider the Development Bank of Zambia as a critical factor in demonstrating the effectiveness of development finance and boosting private sector growth and competitiveness.

Dr. Ng’andu assured the African Development Bank that the government would soon finalise its internal processes so that small and medium scale enterprises soon begin to get the money.

On regional integration, the African Development Bank Country Manager said a facility of 59 million US dollars is available for the re-development of Mpulungu Harbour, a Great Lakes Region Port in Zambia’s Northern Province.

Ms. Monyau also confirmed that a grant of 30 million US dollars from the Netherlands is also at arm’s length for the project to which news the Minister responded that government will do everything possible to ensure a quick start of re-development works at Mpulungu Harbour.

During a bilateral meeting with his Rwandese counterpart Dr. Uzziel Ndagijimana held in Lusaka, Dr. Ng’andu affirmed that through the participation of the private sector and the support of development partners, Zambia is keen to promote trade in the African Great Lakes Region by redeveloping Mpulungu Harbour and creating a fast route for bulk exports in produce such as cement, steel, sugar and other agriculture products.

Consistent with Zambia’s new dispensation of focusing more on policy implementation and achieving results, Dr. Ng’andu took the opportunity to urge the African Development Bank to continue their close collaboration with relevant public and private sector organisations in order to accelerate the performance the private sector as envisaged in the 2017-2021 country strategy paper.

“You need to help us to strengthen business acceleration capacity for small and medium enterprises so that our people in the private sector can access the USD 750 million sustainable lending facility,” said the Minister, adding that, “such an approach will have a great impact in augmenting the government’s efforts aimed at harnessing the entrepreneurial spirit among Zambians, including women and the youth.”

The Minister also took the opportunity to request the support of the African Development Bank and other development partners in assisting Zambia in returning to fiscal health and achieving sustained fiscal consolidation.

This is according to a statement issued to the Media by Ministry of Finance spokesperson Chileshe Kandeta.

17 COMMENTS

  1. What happened to loans given to PF cadres to buy buses. Have they paod back.

    This is free money to pf cadres and they wont pay back.

    • These banks can’t wait to 2021, the way HH saying the other day a $30 million can fix the all Mpulungu port system.
      But with PF $30 million is 30 bags of cement only.

    • If indeed the money is meant to support SMEs to grow, sign an SI to wave of some of the useless lending conditions that hinder the SMEs from borrowing and contribute to economic growth. For example instead of asking for collateral and audited accounts, why not ask for projections and appoint district finance managers to help control usage of loans and ensuring repayments commencement as may be agreed? Also such loans must have insurance component with premiums managed by the same fund managers. This is my take.

  2. Hopefully Ngandu brings back sanity at MoF, After the two greats Magande and Situmbeko, MoF had total incompetents for ministers.
    I know this Ngandu is a man of integrity, unfortunately he’s in a cabinet of riffraff money hungry ministers who’s main mission is to build many mansions for themselves.

    • Like someone said he has a tough job as all the rotten civil servants that were there before are still there and the political elite dont care so long as there cadres are employed.

  3. Guys my mixed race sons girlfriend has a crush on me. I have told my Swiss white wife Elisa about this. My white wife laughed and found it funny. She thinks it’s just a silly teenage crush. However should I tell my son about it ? Or should I just leave it? I will appreciate your advice

  4. Peter hinds is what happens when a black man watches white women but they don’t want him. The man is sexually frustrated. Just watch some dirty movies and then fwa fwa in the toilet. You will feel better

  5. Zambians would be wise to stay off the terrible GRZ disease of debt addiction.That $750m is like poisoned chibuku you can’t get off the dependence $ slavery.

Comments are closed.

Read more

Local News

Discover more from Lusaka Times-Zambia's Leading Online News Site - LusakaTimes.com

Subscribe now to keep reading and get access to the full archive.

Continue reading