SAUDI FUND GIVES DBZ $5M
By Ruth Chayinda
The Saudi Development Fund has granted the Development Bank of Zambia five million dollars with a prospect to increase it to 50 million dollars within five years
Development Bank of Zambia Board Chairperson NOEL NKHOMA says the bank engaged the fund for credit line at low cost to support the Small and Medium enterprises.
Mr NKHOMA says the fund will also allow Zambian companies to import any product from Saudi Arabia except oil.
He notes that the Development Bank of Zambia is focused at deploying medium to long term capital in the economy so that it can positively impact businesses.
Mr. NKHOMA, who was speaking in Chipata at the budget symposium, said lack of financing has affected the private sector from contributing to job creation.
He said there is need for Government to continue creating a favourable economic environment and affordable financing so that businesses can thrive.
Mr. NKHOMA further assured the business community that the bank will find ways of rendering assistance to them especially in agro processing.