President Hakainde Hichilema says the government embarked on the Public Private Partnership (PPP) as a way of finding solutions to the country’s financial challenges.
President Hichilema notes that the collaboration between the Citizens Economic Empowerment Commission (CEEC), ABSA bank and the Zambia Development Agency (ZDA) is aimed at securing access to affordable finance through initiatives such as the Market Booster Loan.
ZANIS reports that President Hichilema said this during the launch of the Public – Private Collaboration for Broadening Access to Finance in Lusaka.
Earlier, President Hichilema heard that ABSA bank has committed an amount of 1 Billion Kwacha towards the (MSME) sector in the country under the collaboration.
” We knew that there was no money in the treasury and so we embarked on the Public Private Partnership (PPP) as a way of finding solutions. We are here to restore assets for you so that we can support the Market Booster Loan. We can put money on the table and go to ABSA and put money together. ” Mr Hichilema explained.
President Hichilema also commended ABSA bank for partnering with the government and supporting its vision of promoting financial inclusion.
The Head of State heard how a 38-year-old man, Katongo Musonda manufactures smart stoves, creating 100 jobs and securing a market with Shoprite.
He has since urged the beneficiaries of the Market Booster Loan to use the funds prudently and contribute to job creation.
Speaking at the same event, CEEC board Chairperson Jason Kazilimani who was represented by CEEC Commissioner Paul Kaluba disclosed that K 153 has so far been disbursed since the launch of the initiative in 2022.
” This widespread support has fostered increased household income and created employment opportunities in our communities.” He said.
Mr Kazilimani said so far, 94 161 people have benefitted from all the 116 districts in the country.
He has pledged that the commission will ensure the programme is sustained having learnt from its past experiences.
Meanwhile, ABSA Bank Chief Executive Officer Mizinga Melu revealed that cooperatives will each be receiving up to 200 000 Kwacha.
She further disclosed that the bank has also partnered with USAID and secured 10 Million Kwacha meant to support (MSMEs) in the business of solar solutions.
Ms Melu said ABSA is aware of various challenges faced by (MSMEs) such as lack of capital to boost their business as well as lack of financial literacy.
She added that the bank will therefore provide equipment, capacity building as well as technological support and access to international markets.
“Working with the Zambia Development Agency (ZDA) we are currently hosting about 30 business owners from Kenya. We are also looking at sending our entrepreneurs there to share practices and build strong businesses. ” Ms Melu said.
And in a vote of thanks, the Zambia National Marketers Association (ZANAMA) and the Lusaka Union of Marketer Cooperatives have thanked the government and its partners for the empowerment.
Lusaka Union of Marketers Chairperson Rabson Msoni however appealed to the government to engage his members who possess various skills in developmental projects.
