By MAIMBOLWA MULIKELELA –

PRESIDENT Edgar Lungu says the growth of the banking sector is critical to the development of the country’s economy.
Speaking when he commissioned the K2.9 million Indo-Zambia Bank (IZB) Lundazi branch in Eastern province yesterday, Mr Lungu said a robust banking sector was an important evolution and an essential strategy of the Government’s development agenda.
The Head of State said banking was the primary thrust in transforming the country in the shortest possible time.
He said the banking sector gave the local community an opportunity to borrow for investment purposes and in turn accelerate the country’s development.
“I am glad to note that Indo Zambia has registered successes on many fronts and has continued to do so.
“The bank’s credit and advances portfolio which exceeds K1 billion is a notable achievement including your total business mix which currently stands at K3 billion,” he said.
President Lungu said the bank’s current position leveraged it to inject resources in the key productive sectors of the economy such as agriculture, tourism, and infrastructure development.
IZB managing director Shankardas Gupta said the bank had a capital base and reserves in excess of K640 million, imparting solid strength of the institution.
Mr Gupta said the bank’s network had grown to 31 branches and was expected to increase to 32 this year, registering its presence in all the 10 provinces.
“Indo-Zambia Bank is a knowledge-based and technologically driven bank, well equipped to lead and compete in the demanding technological market place,” he said.
IZB chairperson Orlean Moyo said the opening of the branch in Lundazi would foster financial inclusion and support Government’s on-going social and economical developmental activities across the country.
Ms Moyo said the bank would continue to formulate, implement and support policies and strategies that were consistent with the Government’s development agenda.