Bank of Zambia Disburses over One billion Kwacha to Financial Service Providers

The Bank of Zambia (BoZ) has so far disbursed over One billion kwacha to Financial Service Providers ( from the Targeted Medium-Term Refinancing Facility of the 10 billion kwacha stimulus package.

This is according to the refinancing facility report availed to ZANIS by BoZ Acting Director for Communications, Nkatya Kabwe.

Mr. Kabwe said the Central Bank approved about 4-billion Kwacha from the applications received, with a total of over 3-point 2 billion to seven commercial banks and 7-hundred and 91 million to nine non-banks.

He stated that this is from 24 applications made by Eleven banks and 13 non-banks who had applied for 4-point 9 billion kwacha.

And in the category of priority sectors identified in the Seventh National Development Plan which include agriculture, manufacturing, tourism and energy sectors and non-priority sectors, Mr Kabwe disclosed that BoZ approved over 4 billion kwacha.

Mr. Kabwe indicated that the disbursed advances are set to benefit about 10 000 customers.

In April, this year, government through the BoZ established a ‘targeted medium-term refinancing facility’ to enable Financial Service Providers to support businesses and households that have been impacted by the Covid-19 pandemic.

The main aim of the Facility is to strengthen and enhance financial sector resilience, particularly in the wake of the outbreak of COVID-19 and its potentially devastating impact on the domestic economy.