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Alba Iulia
Tuesday, January 25, 2022

Investments in Parastatals must expand strategically and make profits-Finance Minister

Headlines Investments in Parastatals must expand strategically and make profits-Finance Minister

The government has said that it is in a hurry to deal with constraints to private sector investment and growth in order to elevate the economy to higher levels of growth.

Finance and National Planning Minister Situmbeko Musokotwane’s investments in Parastatals must expand strategically and make profits so that job-creation and social sector expenditure needs are fulfilled.

Dr. Musokotwane was speaking when Indo-Zambia Bank Chairperson Michael Gondwe and his delegation held a bilateral meeting at the Ministry of Finance Headquarters in Lusaka today.

The Minister commended Indo-Zambia Bank as one of the Government’s good investment stories which have been growing and posting profits consistently for many years.

Dr. Musokotwane applauded the Bank’s governance structure whose focus has been an effective instrument in enabling the institution to favorably compete in the financial market.

He said in the last five years, Indo-Zambia Bank has paid over 2 hundred and 35 million Kwacha in dividends through Industrial Development Corporation and an additional one billion Kwacha in taxes.

And Dr. Gondwe who is also former Bank of Zambia governor said the transformative nature of the 2022 National budget will respond to the country’s economic challenges.

Dr. Gondwe was accompanied by the Bank’s Managing Director Kowdichah Shashidar and General Manager Godwin Ngoma.

He pledged the readiness of Indo-Zambia’s Joint Venture Partners, Board, Management and staff, to collaborate with the Government and ensure that the Bank aligned its strategy with the priorities set in the 2022 National Budget.

And Mr. Shashidar took time to outline the performance of the Bank over the last years.

He said the Bank had posted a 3 hundred and 40 percent growth in the total assets from 2.9 Billion in 2016 to 10 Billion in 2020.

This is according to a statement issued to ZNBC News in Lusaka.

8 COMMENTS

  1. Indo-Zambia Bank is perceived as more of an Indian than a Zambian bank despite it being a joint venture. I’ve not banked with them before but it seems they support more Indians through support from the Indian Government. Many Zambians will be receptive to the Bank if it comes up with products that suit the Zambian SME. Unfortunately, most Zambian banks rely heavily on lending money to GRZ and its employees. Order Financing and Invoice Discounting are good products which many banks have failed to take advantage of. To finance an order is a one-off transaction but banks want to profile you as if you want a long term loan that requires collateral. Situmbeko must also bring back confidence in government orders. The rate of default by the PF has made GRZ tenders unattractive. No one is…

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  2. “He said in the last five years, Indo-Zambia Bank has paid over 2 hundred and 35 million Kwacha in dividends through Industrial Development Corporation and an additional one billion Kwacha in taxes.”-LT

    “And Dr. Gondwe who is also former Bank of Zambia governor said the transformative nature of the 2022 National budget will respond to the country’s economic challenges.”-LT

    UPND administration pulling wool over GRZ eyes. Try to put the above article in histogram and see if it will make sense, I doubt it. I smell corruption.

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  3. Why not, Dr Gondwe, former bank of Zambia governor and the father of fugitive banker, Pamela Gondwe…
    As a father, he obviously knows where his alleged thieving daughter is.

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