Development Bank Of Zambia
Development Bank Of Zambia

PRESIDENT HAKAINDE HICHILEMA SHOULD MOVE DEVELOPMENT BANK OF ZAMBIA TO SME MINISTRY

The Development Bank of Zambia which is owned by the government was formed to provide easy financing to local Small Medium Enterprises as a mechanism to grow the economy and home grown businesses.

This is supposed to be the people’s bank where someone who wants to expand their welding business or open a salon could go and get a loan to jump start their business.

Unfortunately under PF the DBZ started operating as a source of funds for PF members and affiliates.

We are seeing stories of Chitalu Chilufya getting a K9 Million loan to build a lodge but with impunity has not been paying back the loan, that is fraud!

Chita lodges in Samfya owned by a PF affiliate borrowed K100 Million and has not been paying back the loan yet he is reaping profits from the lodges he built from taxpayers money.

This money could have been used to give 10,000 Zambian youths small loans to start small businesses like salons, car wash, welding and mobile money services.

We urge President Hakainde Hichilema to consider moving the Development Bank of Zambia under the Small and Medium Size Enterprises Ministry where it can be used as an engine to finance the growth of Zambian owned Small Companies so that they can grow into large enterprises and employ more youth and grow the economy.

The properties built by PF members from DBZ money which they have not paid back should be repossessed and forfeited to the state.

The lodges can be handed over to Ministry of Tourism.

NDC MEDIA 17.11.2021

1 COMMENT

  1. And those managers at DBZ must know why the colonialists came up with prohibitive conditions for Africans not to access loans, it pains me to see that Zambian startups being subjected to conditions only comparable to asking one to provide his ancestors of the sixth generations before they can qualify for a loan.

    yet look at the Politically Exposed Persons (PEPs) whom they trust and give huge amounts of loans, are they not the ones who have failed to pay back the loans? Bupuba fye ubu and suffering from inferiority complex when you look down on Zambians with good intentions to contribute to the growth of the economy and help GRZ to create employment.

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