Finance and National Planning Minister Dr Situmbeko Musokotwane says the government will continue to maintain a conducive environment to support private sector-led growth, favorable for both local and foreign investment.
Dr. Musokotwane says government will also continue with policies that foster growth and strengthen governance in the financial sector.
Speaking during the official opening of the Longacres Branch of Indo - Zambia Bank, Dr Musokotwane said as part of the eighth national development plan implementation programme, the government will continue to implement reforms that are aimed at lowering the cost of doing business.
He said going forward, government remains resolved in stimulating economic growth and will continue to pay attention to the promotion of active participation of Micro Small and Medium Enterprises (MSME’s), in the transformation and growth of the economy.
"Let me take this opportunity to urge the banking and financial services sector, and for this occasion, Indo - Zambia bank, to continue working hard by investing more in the business through affordable products and growth support initiatives - not only for your established clients - but also for emerging Micro, Small, and Medium - Scale businesses in Zambia," he said.
"The sustained growth of the bank is a testament to its commitment to financial inclusion, customer satisfaction, and the development of Zambia's financial sector. Gladly, the
Bank has played a pivotal role in providing essential financial services and vital support to entrepreneurs, even in the rural parts of the country, through its presence in all our ten provinces. Your pursuit of strategic objectives and initiatives which are having a positive impact on our economy is admirable and should be emulated, especially in the public sector where some state-owned enterprises hardly make profits."
He stated that government has taken steps to ensure the devolution policy is not only on paper but in action too.
"The allocation towards the constituency development fund has
Been increased from k1.6 million per constituency in 2021 to
K30.6 million per constituency in 2024. To ensure that our Constituency Development Fund policy is functional, Indo - Zambia has played its part as evidenced in the processing of revolving constituency development fund loans. Indo - Zambia disbursed over K130 million to over 1,400 beneficiaries countrywide, in 2023. We have also noted that indo zambia bank is in the forefront of implementing the sustainable agriculture financing facility
(SAFF), having processed and disbursed in excess of K1.9 million to over 63 beneficiaries since the financing window opened," he said.
"Further, the bank rendered direct financing support to the government and the wider public sector to a tune of K1.38 billion, as at 31st December, 2023. Ladies and gentlemen, we are keenly following the efforts of the bank in facilitating foreign direct investment in our economy through its global network of shareholding banks. We are proud of you but also ask that you continue on your investment attraction drive to take up the opportunities that we have in infrastructure development through PPP’s, agriculture development through farm blocks, tourism development, value addition through manufacturing, industrial technology – all of which sectors are advanced in the domain country of your other key shareholders, India."
Dr Musokotwane since encouraged Indo - Zambia bank to continue on the trajectory of innovation and creation of new products such as agency banking and the customer-centric approach to doing business, as this supports financial inclusion across the country.
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