By Agness Changala
Finance minister Dr. Situmbeko Musokotwane says the government will continue to maintain a conducive environment to support the private sector led growth favorable for both local and foreign investment.
And Dr. Musokotwane says Indo Zambia Bank has over the last five years, paid to the government K154.6 million in dividends, through the Industrial Development Corporation (IDC).
Speaking at the official opening of the Longacres branch of Indo-Zambia Bank yesterday, Dr. Musokotwane said the government will also continue with policies that foster growth and strengthen governance in the financial sector.
He said as part of the eighth National Development Plan implementation programme, the government will continue to implement reforms that are aimed at lowering the cost of doing business.
“Going forward, we remain resolved in stimulating economic growth and will continue to pay attention to the promotion of active participation of Micro Small and Medium Enterprises (MSME’S), in the transformation and growth of our economy,” Dr. Musokotwane said.
He urged the banking and financial services sector and Indo Zambia Bank to continue working hard by investing more in the business through affordable products and growth support initiatives, not only for established clients but also for emerging micro, small and medium scale businesses in Zambia.
On the bank’s 40 years of existence, the minister said it is a remarkable achievement and reflects the bank’s ability to evolve with the changing times while upholding the core values of people centeredness, service integrity, professionalism, accountability and responsibility.
“In addition, you have been quite transparent and accountable in your operations, hence your ability to give the government dividends consistently for many years. Over the last five (5) years, Indo Zambia has paid K154.6 million, through the Industrial Development Corporation (IDC),” Dr. Musokotwane said.
He saluted the bank for its commitment to Zambia’s developmental agenda and dedication to service excellence which undoubtedly contributed to the sustained stellar performance growth, success and longevity of the bank.
Earlier, the minister said the bank has been a significant player in the economy for a while and had grown steadily over the years.
Dr. Musokotwane said the sustained branch expansion initiative that has been pursued by the bank over the years, is commendable as it has created platforms on which the bank has rendered support to its clients, businesses and wide range of players in the economy.
He added that the initiative significantly fosters healthy competition in the banking and financial services sector as it presents broad choices and solutions for businesses and the general public.
The minister said the sustained growth of the bank was a testament to its commitment to financial inclusion, customer satisfaction and development of Zambia’s financial sector.
Dr Musokotwane said in the last two years, the government had taken steps to ensure the devolution policy was not just on paper but in action too.
He said the allocation towards the Constituency Development Fund has been increased from K1. 6 million per constituency in 2021 to K30.6 million per constituency in 2024.
“To ensure that our Constituency Development Fund policy is functional, Indo Zambia has played its part as evidenced in the processing of revolving Constituency Development Fund loans. Indo Zambia disbursed over K130 million to over 1,400 beneficiaries countrywide, in 2023,” Dr. Musokotwane said.
He said the bank was also implementing the Sustainable Agriculture Financing Facility (SAFF), having processed and disbursed in excess of K1.9 million to over 63 beneficiaries since the financing window opened.
Dr. Musokotwane also noted that the bank rendered direct financing support to the government and the wider public sector to a tune of K1.38 billion, as at December 31, 2023.
He asked the bank to continue on its investment attraction drive to take up the opportunities that the government has in infrastructure development through PPPs, agriculture development through farm blocks, tourism development, value addition through manufacturing, industrial technology all of which are advanced in the domain of the bank.
