PRESIDENT HAKAINDE HICHILEMA LAUNCHES EMPOWERMENT SCHEME
President Hakainde Hichilema has launched the Public-Private collaboration for broadening access to finance between Citizens Economic Empowerment Commission and ABSA Bank at Mulungushi International Conference Centre in Lusaka.
This is aimed at broadening access to finance by Zambians.
Here are the highlights;
✅️President Hichilema acknowledged the role of all entrepreneurs including micro, small, medium, large and big business in growing the country’s economy.
✅️He called for support to small businesses and irrigation farming, aiming to create jobs and enhance financial accessibility, with a target of growing the empowerment fund to K5 billion.
✅️He indicated that Government introduced the Public-Private Partnership (PPP) policy to enhance infrastructure development and broaden access to finance in Zambia.
✅️The President explained that the initiative aims to alleviate pressure on the national treasury by leveraging private sector investment for public projects, particularly in infrastructure and social services.
✅️Stressed that Government seeks to create affordable financing options for citizens, targeting small businesses and encouraging job creation.
✅️The goal is to grow the fund from K1 billion to K5 billion, facilitating access to contracts and promoting irrigation farming among communities.
✅️President Hichilema reaffirmed Government’s commitment to economic recovery through collaboration.
✅️He highlighted the New Dawn Government’s achievements such as debt restructuring noting that Zambia is the fourth country to have managed to restructure its debt.
✅️The President stated that since the introduction of free education, over two million Zambian children have gone back to school.
✅️And CEEC Director-General Muwe Mungule said the key objectives of the collaboration are to provide affordable financial solutions to all districts and to achieve enterprise consolidation by merging homogenous enterprises.
✅️ ABSA Managing Director Mizinga Melu said that the Bank will provide financing of one billion Kwacha to support SMES.
✅️ Ms. Melu said this will provide each cooperative with financing of up to K200,000.