Maravi

AfDB gives Investrust $3.5m for SME loans

AfDB gives Investrust $3.5m for SME loans
Written by Kabanda Chulu

AFRICAN Development Bank (AfDB) has given Investrust Bank plc US $ 3.5 million line of credit for onward lending to local small and medium enterprises (SMEs) in Zambia.AFRICAN Development Bank (AfDB) has given Investrust Bank plc US $ 3.5 million line of credit for onward lending to local small and medium enterprises (SMEs) in Zambia.

And governments and businesses in Djibouti, Nigeria, Zambia, Mali and Malawi would benefit from a combined multi-purpose funding of US $ 187 million approved yesterday by the AfDB board of directors in Tunisia.

Releasing the disbursement schedule, AfDB senior communications Officer Felix Njoku stated that Investrust Bank would receive a US $3.5 million line of credit for lending to local SMEs.

He stated that Investrust would also benefit from a US $15,000 technical assistance grant to provide support to SME associations and business development service providers in the country.

“Similarly, a US $10 million line of credit and a US $8 million contribution toward a US $10 million AfDB-USAID partial credit co-guarantee facility was approved for Zanaco Bank of Zambia for the benefit of target SMEs and an associated technical assistance package of US $25,000 will enable Zanaco and Investrust banks, SMEs, and business service providers in Zambia to build capacity,” stated Njoku.

Last August, AfDB president Donald Kaberuka and finance minister Ng’andu Magande signed an agreement for a grant of US $ 500,000 to provide relief to victims of recent flash floods.

The funds will be managed by Zambia’s Disaster Management and Mitigation Unit and the World Food Programme (WFP), which has been supporting various agriculture projects in Zambia.

Currently, the AfDB’s active portfolio in Zambia stands at US $ 220 million and mainly comprises agriculture, water and sanitation, health, education and multi-sector budget support.

Labels: AfDB, INVESTRUST BANK PLC, SMEs

posted by MrK @ 12:16 AM