Zambia News

Zambia Will Gain From $5 Billion Credit

Zambia stands to gain from the commitment of 7 Pan-African Financial Institutions to provide a 5-billion-dollar credit guarantee for SMEs.

This was revealed by the African Union’s (AU) ALBERT MUCHANGA Commissioner for Trade and Industry when he met Niger’s CHIPOKA MULENGA, Minister of Commerce, in Niamey.

This occurred concurrently with both the Extraordinary Session on the African Continental Free Trade Area and the AU Extraordinary Summit on Industrialization and Diversification.

According to Mr. Muchanga, financial institutions have also committed $2 million to helping AU member states’ businesses strengthen their capability.

And Mr. Mulenga claimed that for Zambia to fulfill its commitment to actualize industrialization by 2063, the AU must provide financial and technical support.

He has clarified that this assistance is intended to help establish businesses and industries that may add value to raw materials.

In the meantime, Mr. Mulenga stated that the expansion of the private sector depends on the availability of proper information about trade and industry during a panel discussion on the African Trade Observatory (ATO).

The First Secretary for Press and Tourism at the Zambian Embassy in Addis Abeba, Ethiopia, INUTU MWANZA, provided a statement to ZNBC news in Lusaka that contains this information.

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