The African Development Bank – AfDB has offered Zambia a sustainable lending limit of USD 750 million for both sovereign and non-sovereign borrowers for 2019.
AfDB Country Manager Mary Monyau says the facility is a critical factor in demonstrating the effectiveness of development finance and boosting private sector growth and competitiveness.
Speaking when she paid a courtesy call on Minister of Finance Dr Bwalya Ng’andu on August 7, 2019, Monyau further said on regional integration, a facility of USD 59 million is available for the re-development of Mpulungu Harbour, a Great Lakes Region Port in Zambia’s Northern Province.
In a statement made available to the Zambian Business Times – ZBT by Ministry of Finance Spokesperson Chileshe Kandeta, Monyau also confirmed that a grant of USD 30 million from the Netherlands is also at arm’s length for the project.
And Finance Minister Dr. Bwalya Ng’andu has urged the Zambian private sector to take advantage of the USD 750 million financing facility offered by the African Development Bank to achieve stability, sustain their growth, and become competitive in the domestic and international market place.
“There is need to strengthen business acceleration capacity for small and medium enterprise to enable people in the private sector access the USD 750 million sustainable lending facility and such an approach will have a great impact in augmenting the government’s efforts aimed at harnessing the entrepreneurial spirit among Zambians, including women and the youth,” he said.
Dr. Ng’andu has since assured the African Development Bank that the government would soon finalize its internal processes so that small and medium scale enterprises – SMEs soon begin to access the money.
The Minister has also urged the African Development Bank to continue their close collaboration with relevant public and private sector organisations in order to accelerate the performance in the private sector as envisaged in the 2017-2021 country strategy paper.
He has further requested the support of the African Development Bank and other development partners in assisting Zambia in returning to fiscal health and achieving sustained fiscal consolidation.
