BANKS TOLD TO SUPPORT DEVELOPMENT

Finance and National Planning Minister SITUMBEKO MUSOKOTWANE has requested Banks to develop products that will support the country’s development agenda.

Dr. MUSOKOTWANE says banks should seek to promote rural development, skills training for youths and financing small and medium enterprises.

He said this during an engagement held in Lusaka between the Bankers Association of Zambia and government Ministries.

And Dr. MUSOKOTWANE said the Government and the World Bank are in discussions aimed at creating farming blocks as a way to employ thousands of youths.

MEANWHILE, Technology and Science Minister FELIX MUTATI disclosed that his ministry has signed contracts with 80 institutions to provide relevant training skills to 60 youths in every constituency in the country.

Speaking during the engagement, Small and Medium Enterprises Minister ELIAS MUBANGA said SMEs are cardinal in the country’s economic recovery.

Mr MUBANGA said there is therefore need for the Government and Financial institutions to partner and address some of the conditions that make it difficult for SMEs to access funds.

And Local Government Minister GARY NKOMBO said the decision by the Government to increase the Constituency Development Fund- CDF is aimed at escalating financial inclusion, enhancing opportunities and reducing poverty in the country.

Mr NKOMBO said through decentralization, it will be easy for the government to take development to the people.

Meanwhile Bankers Association of Zambia Chairperson HERMAN KASEKENDE said the banking sector has noticed a number of gains since the UPND ascended to office, among them is the reduction of interest rates and strengthening of the kwacha.

Mr. KASEKENDE also commended the Government on the measures put in place to enable the country get on a path of economic recovery.