By MAIMBOLWA MULIKELELA –
• PRESIDENT Lungu shares a light moment with Indo-Zambia Bank board chairperson Orlean Moyo during the opening of Lundazi branch. Picture courtesy of INDO-ZAMBIA BANK
INDO-Zambia Bank (IZB) has recorded a deposit base of K2 billion and investments in Government bonds and Treasury bills worth K600 million.
And the bank has disbursed a total of K200 million towards supporting the development of the Small and Medium Entrepreneurs (SMEs).
IZB managing director Shankardas Gupta said the bank had a deposit base of K2 billion and investments in Government bonds and Treasury bills of K600 million, making the bank one of the prime movers in the market.
Mr Gupta said the bank had recorded significant achievements in the disbursement of loans amounting to over K1 billion in the various sectors of the economy, including SMEs.
Mr Gupta said during the opening of the IZB branch in Lundazi that about 20 per cent of the bank’s credit portfolio was disbursed to the SME sector, translating into K200 million.
“20 per cent of the bank’s credit portfolio, which translates to over K200 million, is financing extended towards supporting SMEs, thus making a significant contribution to the growth and development of the sector and in turn creating employment opportunities,” he said.
He said last year, the bank disbursed more than K3.2 million under its micro credit schemes targeted at the underprivileged women.
This facility is aimed at empowering women with seed capital for their various business ventures.
“The bank has been conducting graduate recruitment programmes annually, thus providing employment opportunities to young graduates,” he said.
Mr Gupta said the bank would continue to invest in initiatives such as branch expansion because of the good macro-economic indicators in the country.
“We at Indo-Zambia have continued to grow and to invest in initiatives such as branch expansion because we have every confidence in the economic prospects of the country, the sound economic policies and programmes being pursued by the Government,” he said.
Mr Gupta said the Government’s policy interventions were appropriate to address the prevailing externally induced challenges.
