The Citizens Economic Empowerment Commission – CEEC says its loan recovery rate has significantly improved from 21% in 2013 to 62% as of December 31st ,2018.
CEEC public relation officer Michelo Bukata told Zambian Business Times-ZBT in an interview that the commission is pleased with the pace at which the repayment loan is steadily growing and that it’s at the course of attaining 80% repayment rate by 2021.
Michelo said the commission is going through some structural reforms and implementing projects to empower citizens and call on more beneficiaries to take part in the empowerment fund adding that the revolving fund has enough money to pick from and give out to others.
“The commission has also put in place the strategy to conduct pre-finance training to beneficiaries on the displacement of funds and educating them on how to utilize the funds to a point where they can start running their own businesses and be able to generate income,” he said.
He adds that it is a realization on the part of beneficiaries to pay back the money so that it can be displaced to other citizens awaiting to receive empowerment fund failure to which that legal process will take curse.
He has however appealed to recipients of the empowerment fund to utilize the revolving fund which can be put to good use and enable them expand their businesses by contributing towards uplifting their lives.
He also mentioned that the commission has embarked on several projects aimed at helping Small Medium Entrepreneurs-SME’s advance in their entrepreneurship skills and have access to enhance equipment in order to grow their businesses.
In addition, the commission with support from African Development Bank-AfDB has also embarked on that construction of the industry yards in seven provinces across the country at a cost of 20 million United states dollars.
