DOREEN NAWA
Lusaka
ZANACO has launched a US$35.1 million credit line under the Zambia Agribusiness Trade Project Phase II, a move expected to significantly boost financing for farmers, agribusinesses and traders across the country.
Speaking at the official launch, Zanaco acting chief executive officer Vincent Chuunga described the initiative as a major milestone for Zambia’s agricultural transformation and economic growth.
He said the facility is designed to provide affordable and accessible financing to key players within the agricultural value chain.
“This marks the beginning of a new chapter where development-focused finance is intentionally directed to the people and enterprises that form the backbone of Zambia’s food systems,” he said.
The credit line is part of a broader US$170 million facility secured by the Zambia government from the World Bank through its International Development Association in December 2023.
From this, Zanaco will access US$27 million for onlending, while committing an additional US$8.1 million of its own resources, bringing the total under its management to US$35.1 million.
The funds will be disbursed through participating financial institutions (PFIs), which will extend loans to eligible borrowers in agribusiness and trade.
Mr Chuunga said this model will ensure that financing reaches underserved areas, particularly rural communities, where access to credit has traditionally been limited.
ZATP II is a nationwide programme covering all 116 districts and targeting multiple actors within the agricultural ecosystem….https://enews.daily-mail.co.zm/welcome/home
