Zambia launches fund to boost non-traditional exports
Zambia has today launched a fund aimed at unlocking the potential of non-traditional exports.
The Zambia Export Development Fund (ZE-DEF), to run from 2017 to 2021, is being financed by the European Union (EU) at a cost of 7.6 million Zambian Kwacha (about 760,000 U.S. dollars), the Zambia Development Agency (ZDA) has said in a statement.
The fund will provide low cost trade finance to exporters of non-traditional exports. Zambia hopes to see stronger performance in non-traditional exports such as cotton, sugar and coffee.
The fund will also help increase the volume and value of non-traditional exports to the regional and international markets and boost earnings to 10 percent from the current 0.05 percent.
The fund will also target to grow the loan portfolio to 3.8 million U.S. dollars from the current 2.4 million dollars by the end of 2018.