By MAIMBOLWA MULIKELELA –
THE Development Bank of Zambia (DBZ) has secured about K600 million for onward lending to the private sector in the country this year.
The bank secured two main lines of credit from China Development Bank worth US$30 million and a $20 million from Industrial Development Corporation (IDC) of South Africa.
DBZ also managed to obtain a short-term facility of K50 million from the National Pensions Fund Authority (NAPSA) for lending to the various sectors of the economy.
DBZ managing director, Jacob Lushinga said with these funds in place, it was expected that approvals and disbursements would improve drastically in 2016.
“During the year 2015, the bank secured two main lines of credit and a short term facility from China Development Bank of $30 million and $20 million from Industrial Development Corporation of South Africa.
“We also got K50 million from NAPSA,” Mr Lushinga said.
He said in response to a Press query that 2015 was characterised by significant challenges that necessitated the need for the bank to reposition itself and re-align its competitive position in the Zambian financial markets.
He said the bank was able to approve funding for projects worth K440.2 million of which K295 million was disbursed in 2015.
As at December 31, 2015, DBZ distributed investments including equity and managed funds to the various sectors of the economy.
Mr Lushinga said the agriculture sector received a total of K65,410,641 and agro processing got K57, 088,356.
A total of K92,214,359 was disbursed to the construction sector, K139, 500,155 was for the manufacturing and K 83,284,293 for the tourism and hospitality sector.
About K36,224,186 was disbursed to the oil and transport passengers sector and K42, 020,074 was distributed to other sectors.
He said under the rural finance programme, the bank disbursed a total of K111,599,888 to Micro Bankers Trust, Pulse Financial Services, Vision Fund and Cetzam Financial Services.
About K26,976,633 went to Enterprise Development Programme.