Tuesday, June 18, 2024

Ministry of Fisheries and Livestock approves 736 aquaculture business loan applications

Share

The Ministry of Fisheries and Livestock has approved 736 aquaculture business loan applications from citizens.

Ministry of Fisheries and Livestock Permanent Secretary, Dr. Benson Mwenya said through the Aquaculture Seed Fund, local people in all provinces of the country are being empowered to undertake investment projects along the aquaculture value chain.

Dr Mwenya said this is being done with a goal to eliminate the national deficit in fish production, contribute to economic growth as well as increase food and nutrition security in Zambia by 2022.

Dr. Mwenya revealed that the Citizens Economic Empowerment Commission will disburse the business loans to the 736 projects valued at over K118.3 million on behalf of the Ministry to some of the successful applicants in all the ten provinces of Zambia.

He said more projects will be funded in due course but explained that the projects exclude the 12 fish hatcheries and nurseries valued at K20.7 million that are already receiving funds.

Dr Mwenya said this initiative is within the framework of the 50.89 US dollars million Zambia Aquaculture Enterprise Development Project co-financed by the African Development Bank and the Zambian Government.

And CEEC Director General Likando Mukumbuta who confirmed receipt of the funds from the Ministry of Fisheries and Livestock stated that the Commission will soon begin the process of disbursement.

He said the CEEC will begin with facilitating pre-finance training for the beneficiaries this week and start disbursements by next week.

Mr Mukumbuta said the first phase of investments will be fully disbursed by the end of May 2020, and will create 4,366 sustainable jobs impacting further 21,830 individuals and increase national fish supply by 1,148 metric tons by December 2020, thereby, contributing to poverty reduction and food security by developing the aquaculture value chain.

4 COMMENTS

  1. I just pray these are credible individuals and not cadres. CEEC is known for servicing ruling party members or cadres, even its predecessor CEC did the same for MMD.

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