World Bank plans credit line for Zambian SMEs

Paul Shalala

ZNBC News

The World Bank has disclosed plans to introduce a credit line for small businesses in Zambia.

World Bank Country Manager ACHIM FOCK says the credit line will be provided to Zambian businesses through local banks to boost their businesses.

Mr. FOCK says the funding will help the companies increase their business and create more jobs.

Speaking after he toured a number of World Bank funded projects in Lusaka this morning, Mr. FOCK said he was impressed that most of the projects funded under the Zambia Agribusiness and Trade Project in the Ministry of Commerce had created many jobs.

Mr. FOCK said Creamy Heaven and Afriseed, which were recently funded by the World Bank, have seen growth of their businesses after a boost from the Bretton Woods institution.

And Afriseed Chief Executive Officer STEPHANIE ANGOMWILE disclosed that the company has now increased it’s output from producing one thousand metric tonnes of seed to three thousand metric tonnes per year after receiving 250 thousand dollars from ZATP.

Ms. ANGOMWILE says the funding also helped the company buy equipment and motor vehicles and increase its workforce.

Meanwhile, Creamy Heaven Managing Director RIYAZ MUNSHI says the finding by ZATP has resulted in the company increasing its supply of 24 varieties of ice cream to various towns outside of Lusaka.

Mr. MUNSHI says the 90 thousand dollars findings helped the company open outlets in Livingstone, Chipata and Kitwe where ice cream is ferried daily by delivery trucks.

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