Friday, February 23, 2024

ZANACO clinch $50 million package for support to Small and Medium Enterprises in Zambia

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The Zambia National Commercial Bank (ZANACO) has clinched a 50 million United States Dollars package for support to Small and Medium Enterprises (SMEs) in Zambia.

ZANACO has signed a deal with the British International Investment aimed at supporting Small and Medium Enterprises (SMEs) in Zambia.

The British International Investments (former CDC) and ZANACO Bank signed the package in Washington DC, USA on the sidelines of the International Monetary Fund (IMF) and World Bank meetings currently going on.

Finance and National Planning Minister Dr. Situmbeko Musokotwane and British Minister of State for Development in the Foreign, Commonwealth and Development Office Vicky Ford witnessed the signing ceremony.

ZANACO Chief Executive Officer Mukwandi Chibesakunda signed the package on behalf of the Zambian bank.

And Dr. Musokotwane said the package compliments the vision of Government in totality.

Dr. Musokotwane said this is because the Government is mindful of the fact that the young population in Zambia is looking for jobs and business opportunities.

“We have just witnessed the signing of agreement between the British International Investment and ZANACO. It is in line of financing in 50 million United States Dollars and this money will be available for Small and Medium Enterprises (SMEs). This compliments the vision of Government in totality because we are very mindful of the fact that the young population in the country is looking for jobs and business opportunities so this line of financing compliments that,” said Hon. Dr. Musokotwane.

He said the package is part of the solution to create jobs and business opportunities.

“It is part of the solution. I thank ZANACO and the British International Investment for having negotiated. Now what we ware looking forward is implementation,” he said.

And Ms. Ford said Zambia has been on a remarkable journey in the last one year.

Ms. Ford said Zambia is setting an outlook for future opportunities.

“Zambia has been in the most remarkable journey on the past year or so. What you have achieved has been very phenomenon and in stabilizing the economy,” said Ms. Ford.

Meanwhile, ZANACO Chief Executive Officer Mukwandi Chibesakunda said the partnership will be the foundation stone for future growth.

“This is a privilege for us as ZANACO to be the first institution to sign this agreement and we believe this will set the right foundation for the Zambian economy through the growth of SMEs and to create opportunities and employment. This partnership will be the foundation stone for future growth,” said Ms. Chibesakunda.

The 2022 Annual Meetings of the International Monetary Fund and the World Bank Group bring together Ministers of Finance, Central Bank Governors, Investors, and several other stakeholders.

Dr. Musokotwane is accompanied to the meetings by Secretary to the Treasury Felix Nkulukusa, Permanent Secretary (Budget & Economic Affairs) Mukuli Chikuba, Bank of Zambia Governor Dr. Denny Kalyalya and the Bank of Zambia Deputy Governor, Dr. Francis Chipimo.

This is contained in a media statement issued by Charles Tembo (Mr.), the First Secretary Press and Public Relations at the Embassy of Zambia, Washington DC, United States of America

8 COMMENTS

  1. Dr. Musokotwane is accompanied to the meetings by Secretary to the Treasury Felix Nkulukusa, Permanent Secretary (Budget & Economic Affairs) Mukuli Chikuba, Bank of Zambia Governor Dr. Denny Kalyalya and the Bank of Zambia Deputy Governor, Dr. Francis Chipimo.

    So both the BOZ Governor and his Deputy will be in Washington?

  2. What is in this “package”? Please be specific. And surely where is the “Big and Strong” if you have to borrow a $50 million?

  3. Why should both BOZ governor as well as the deputy governor go together. One was supposed to remain to hold the fort. Besides one that went could have briefed the other on what transpired. Waste of resources.

    • Both governor and his deputy are out in case of eventualities such as sicknesses hence the move is okay. Moreover two is better than one.

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