President Hakainde Hichilema has called on financial institutions, particularly banks, to increase support for Small and Medium-sized Enterprises (SMEs) by reducing the cost of capital. Speaking at the inauguration of the Indo-Zambia Bank’s Corporate Head Office in Lusaka, President Hichilema emphasized the crucial role played by SMEs in job creation and improving the livelihoods of the people, highlighting the need for these enterprises to receive financial support.
President Hichilema urged the banking sector to provide increased assistance to SMEs, enabling them to expand their businesses and contribute to national development. He emphasized the importance of financial inclusion for ordinary citizens and urged the bank to reduce the cost of capital for SMEs.
“The growth and success of our country’s economy are intertwined with the presence of institutions with strong balance sheets, such as Indo-Zambia Bank, which are focused on wealth creation, employment generation, and sustainable growth,” President Hichilema stated.
In his address, President Hichilema also addressed recent reports regarding the misappropriation of over 65 million Kwacha recovered from corruption by the Anti-Corruption Commission (ACC). He stated that these reports were intended to derail the government from its development agenda. The President clarified that the money in question was actually used to finance students’ access to quality education through the Ministry of Finance.
The President’s comments came in response to allegations that the ACC had misused the recovered funds, potentially hindering the government’s efforts to combat corruption and advance its development goals. President Hichilema affirmed that the funds were directed toward a worthy cause, highlighting the government’s commitment to improving educational opportunities for the nation’s youth.