Business

Indo-Zambia loans K900m to key sectors

KALONDE NYATI, Lusaka
INDO ZAMBIA Bank has this year provided about K900 million in loans to key sectors in line with the bank’s objective of supporting economic growth.
Bank managing director Shankardas Gupta cited agriculture, manufacturing, mining and tourism as the sectors that received funding from the bank.
“The bank’s total credit portfolio stands at approximately K900 million. This is a well-diversified credit portfolio supporting the priority sectors of the economy such as agriculture, manufacturing, tourism, mining, infrastructure, real estate development and provided support small and medium enterprises (SMEs),” he said in response to a press query.
Mr Gupta also said the bank has disbursed K2.5 million to 180 women groups under its micro financing scheme aimed at empowering vulnerable women to establish various business ventures.
The 180 groups represent over 2,000 women across the country.
On successes scored this year, Mr Gupta said Indo Zambia Bank recorded a capital base of over K565 million while its total business mix grew in excess of K2.5 billion.
The bank also grew its network to 29 branches and retail outlets in all the 10 provinces.
“The bank’s active customer base is in excess of 100,000 covering all the sections of society and is still growing.  Indo Zambia Bank has over the years emerged as a solid bank, which commands very strong financial fundamentals.
“The bank has maintained a consistent growth trajectory over the years and is set to close 2014 with yet another year of overall impressive performance,” he said.
Mr Gupta said the bank will next year continue to invest in branch expansion to foster financial inclusion in line with Government’s agenda of spurring development through banking unbanked communities.

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