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African bank approves funds for small Zambian businesses

Xinhua, October 20, 2016 Adjust font size:

The African Development Bank (AfDB) Board of Directors has approved a 50-million-U.S.-dollars line of credit to support small and medium businesses in Zambia, the country's Ministry of Finance said Thursday.

The funds will be channeled through a local bank, the Development Bank of Zambia (DBZ), for onward lending to the enterprises, according to a statement released after a meeting between Minister of Finance Felix Mutati and AfDB representative in Zambia Damoni Kitabire.

The Zambian minister thanked the African bank for the concessional facility, saying it has come at an opportune time.

"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," Mutati said.

The government, he said, was open to more options for securing more financing for small and medium enterprises from the African bank. Endit