Maravi

DBZ disburses over K135bn in loans

DBZ disburses over K135bn in loans
By Fridah Zinyama
Wednesday October 24, 2007 [04:00]

DEVELOPMENT Bank of Zambia (DBZ) has disbursed more than K135 billion in loans to various sectors of the country’s economy. According to DBZ marketing manager Ackim Mwale, the loans have been given to sectors such as agriculture and agro-processing, construction, financial services, manufacturing, transport and tourism, with the most significant portion going to manufacturing and transport.

“Part of the funds which have been in kwacha and dollar have been drawn from the US$10 million credit facility obtained from the Development Bank of South Africa (DBSA) while the bulk of the kwacha denominated loans have been financed by the proceeds from the DBZ bond issue that the bank listed early this year,” he said.

Mwale explained that the first tranche of the bond raised K68 billion, of which K48.3 billion had so far been disbursed in loans.

He said the balance would be released in the next one month.

“This finance has been provided through our products and instruments that include project finance, working capital finance, trade finance, lease finance and contingent liability instruments,” he said.

Mwale said the bank’s products could be short term, medium term or long term but that the short-medium term facilities normally covered repayment period of no more than three years with a minimum loan amount of between US$20,000 and US$50,000 or kwacha equivalent.

“Other services available at DBZ include Fund management and business advisory. The bank’s approach to business is premised on the need for tailor made client solutions which entails innovation, pro-activity and new ways of creating value for our business such as target marketing and cross selling,” he said.

Mwale said DBZ was also building a portfolio around the Small and Medium Enterprises (SMEs) sector.

Labels: AGRICULTURE, DBZ, SMEs

posted by MrK @ 3:53 AM