Zambia to benefit from $5bn credit
Zambia stands to benefit from the 5-billion dollars credit guarantee for Micro, Medium, and Small Enterprises -SMEs-, committed by 7 Pan-African Financial Institutions.
African Union -AU- Commissioner for Trade and Industry, ALBERT MUCHANGA has disclosed this, when he met Commerce Minister, CHIPOKA MULENGA, in Niamey, Niger.
This was on the sidelines of the AU Extraordinary Summit on Industrialisation and Diversification, and the Extraordinary Session on the African Continental Free Trade Area.
Mr MUCHANGA has said the financial institutions had also pledged 2-million dollars toward the capacity building of enterprises in AU member states.
And Mr MULENGA has said Zambia needs financial and technical support from the AU, in order to meet the obligation of actualising industrialization by 2063.
He has explained that this support is for setting up enterprises and industries, which could add value to raw materials.
Meanwhile, speaking during a panel discussion on African Trade Observatory -ATO-, Mr MULENGA has said the provision of adequate information on trade and industry is vital to private sector growth.
This is contained in a statement availed to ZNBC news in Lusaka by INUTU MWANZA, the First Secretary for Press and Tourism at Zambian Embassy in Addis Ababa, Ethiopia.