Dr Ng’andu points private sector to ADB US$750m financing facility
By Staff Reporter
Finance Minister Dr. Bwalya Ng’andu has advised the private sector to utilize the US$750 million financing facility offered by the ADB to achieve stability, sustain growth and competitiveness in the market place.
Speaking when he met African Development Bank (ADB) Country Manager Mary Monyau at the Ministry of Finance Headquarters in Lusaka yesterday, Dr Ng’andu said Zambia had a sustainable lending limit of US$750 million at the continental bank for both sovereign and non-sovereign borrowers for 2019.
“You need to help us to strengthen business acceleration capacity for small and medium enterprises so that our people in the private sector can access the USD 750 million sustainable lending facility,” said the Minister, adding that, “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.” said Dr. Ng’andu.
The Minister noted that this was a honeycomb of empowerment for Zambia’s small and medium scale enterprises.
And Monyau reaffirmed that a further US$50 million lending facility is available through the Development Bank of Zambia.
She added that many international development financial institutions were keenly following the proceedings between the Bank and the Government because they consider it a critical factor in demonstrating the effectiveness of development finance and boosting private sector growth and competitiveness.
Dr. Ng’andu assured the ADB the government would soon finalize its internal processes so that small and medium scale enterprises would soon begin to access the money.
Meanwhile, the ADB Country Manager said that a facility of US$59 million was available for the re-development of Mpulungu Harbour, a Great Lakes Region Port in Northern Province.
Monyau also confirmed that a grant of US$30 million from the Netherlands is also at arm’s length for the project to which news the Minister responded that “we will do everything possible to ensure a quick start of re-development works at Mpulungu Harbour.”