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AfDB GIVES DBZ US$ 50 MILLION FOR SME’S

Wednesday, 19th October, 2016 

The African Development Bank Board of Directors has approved USD50 million line of credit to the Development Bank of Zambia for local Small and Medium Enterprises [SME’s].

This was disclosed when AfDB Resident Representative Damoni Kitabire paid a courtesy call on Finance Minister Felix Mutati today.

“We are now at the stage of working towards the finalisation of agreements which will govern the use of the proceeds strictly for eligible SME’s only,” said Mr. Kitabire.

Speaking at the same function, Mr. Mutati said one of the key areas of focus for the economic recovery and stabilisation programme will be to secure affordable long-term financing for industrialisation and agro-processing.

“This concessional facility comes at an opportune time as it exemplifies your rising confidence in our economic governance, and will assist us in strengthening growth areas and reducing unemployment among our people,” said the Minister.

The Minister thanked the AfDB for the assistance and indicated that options are open for securing more SME financing to be channeled through DBZ.

 

Issued by:

Chileshe Kandeta

Head – Media & Public Relations

Ministry of Financ