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Zambia receives AfDB funds for project support

Xinhua, March 3, 2017 Adjust font size:

The Zambian government said Friday that it had received about 237 million U.S. dollars from the African Development Bank (AfDB) in the last two weeks for various development projects.

Minister of Finance Felix Mutati said the funds would go towards development projects in various sectors of the economy, including 50 million dollars that will go towards the development of the aquaculture sector to boost fish production and reduce importation.

In remarks delivered after signing a financing agreement with the bank in Lusaka, the Zambian capital, the minister said the funds will mainly be disbursed to small and medium enterprises and will be managed by a local bank -- the Development Bank of Zambia (DBZ).

He has since urged the private sector to access the funds and use it to grow the economy.

The minister however expressed concern over the high loan default rate by most small and medium enterprises, adding that the government was working on tightening levels to ensure that the funds were used for the intended purpose.

Damoni Kitabire, the bank's representative in Zambia said the bank was aware of the challenges faced by small and medium enterprises in accessing finance even though they contribute about 90 percent jobs for the working population. Endit