5% INTEREST ON CDF LOANS

Local Government and Rural Development Minister GARY NKOMBO says there is a five percent interest on empowerment soft loans from the Constituency Development Fund -CDF.

Mr. NKOMBO said this in the National Assembly today to correct an answer he gave to Kalabo Member of Parliament CHINGA MIYUTU that there was no interest on the soft loans.

He said the correct position is that there is a small interest of 5 percent on the empowerment funds which is meant for seed.

Yesterday Mr. MIYUTU asked the Local Government Minister the percentage of interest placed on soft loans to be given under CDF, to which Mr. NKOMBO indicated that there was no interest.

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