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Bank of Zambia disburses 66 million Kwacha of the 10 billion Kwacha stimulus package

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Bank of Zambia
Bank of Zambia

The Bank of Zambia has in the last one month disbursed 66 million Kwacha of the 10 billion Kwacha stimulus package under the targeted medium-term refinancing facility.

Last month, the disbursement stood at 1,819 billion Kwacha but this month, it stands at 1,885 billion.

The Central bank says banks have been allocated 1.5 billion Kwacha while non-banks have been given 314 million.

This is according to a statement issued by the Bank of Zambia.

Six banks benefited from the facility with Atlas Mara accessing the largest amount of 533 million Kwacha.

Other banks are ABSA, Stanbic, Indo-Zambia, Access and First Capital Bank.

The non-bank institutions that benefited from the facility are Microfinance, Altus, Xtenda, Izwe, Betternow and Pulse.

The Central Bank says 18,132 individuals and households benefited from the funds while other customers who benefited were 1,219, bringing the total number of beneficiaries to 19, 351.

The targeted medium-term refinancing facility is a 10 billion Kwacha fund designed to respond to challenges private sector is facing in the advent of Covid-19.

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