The Citizens Economic Empowerment Commission (CEEC) is to work out modalities to allow applicants access loans of less than K15 million.
Luapula Province CEEC coordinator Brian Mutale disclosed this when he addressed scores of Kawambwa residents yesterday.
Mr. Mutale admitted that the CEEC’s current provision of accessing loans ranging from 15 to 50 million disadvantaged the most vulnerable in society hence the need for the commission to look into the matter quickly.
He said women and the youth were the most affected as they did not have the required collateral.
The coordinator reiterated government’s commitment to ensuring that the plight of the vulnerable people in society was addressed.
And Mr. Mutale has disclosed that CEEC will consider projects to do with the Agriculture sector before other sectors such as mining, manufacturing, Information Technology (IT) and tourism .
Mr. Mutale stated that CEEC would not give loans to applicants who wanted to build houses to put on rent saying there were government mandated bodies such as National Housing Authority (NHA) and building society which were administering such projects.
The coordinator who took time explaining on how to write a good business proposal also urged those who wanted to access the funds to seek professional advice.
ZANIS/LC/MKM/ENDS
“And Mr. Mutale has disclosed that CEEC will consider projects to do with the Agriculture sector before other sectors such as mining, manufacturing, Information Technology (IT) and tourism .”
I think that is a very good move on the CEEC’s part. This will surely encourage development in the sector and must be considered by all Zambian entrepreneurs.
On the issue of approving loans for K15 million, I also think that is a good move as it will encourage self empowerment and the growth of small businesses. Good move CEEC.
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thats the way forward
What a bunch of letdowns, so they refuse to give people loans to those who want to build houses. A loan administrator should just worry about his money being paid back with interest not actually telling the lender what to and what not to spend it on.
Move on and make this project really work.
Wow… some sense at last!! 😉
#1, I agree with you.
These modalities should be closely scrutinized to eliminate corruption practices, especially where loans are concerned.Transparency must be the order of the day in such issues.
Why being selective, agriculture in what sense. There are many risks with agriculture its prone to climatic change and other factors. Encourage borrowewrs to go into small scale manufacuring and tourism. As for those who need professional advise try if u don’t mind.CEEC should not be abused like past cases with Agriculture Finance Coy, Lima Bank, ZCF,SIDO. CEEC is good initiative by GRZ but selections, disbursement of funds and monitoring of projects will be very difficult. Sikazwe and Mable do not favour your friends and relatives when dishing out funds. No Wako ni Wako or Kapatulula. We are watching you.
No 7. Good that you are watching them! But will that help? This empowerment fund should not make the rich richer it was created for the marginalised in society. From what I hear it is very difficult for women, especially small businesses to get access to the fund.