Business News

‘Access Africa Export-Import Bank’

BANK of Zambia Governor Michael Gondwe (left) and Africa Export and Import Bank president Jean- Loius Ekra during the launch of a seminar at Intercontinental hotel in Lusaka yesterday. PICTURE: ANGELA MWENDA.

BANK of Zambia (BoZ) has urged local entrepreneurs to access finance from the Africa Export – Import Bank (AFREXIMBANK) to grow their businesses.
BoZ governor Michael Gondwe has also reiterated that Zambia’s economy remains sound with foreign direct investment (FDI) secured despite the death of President Michael Sata.
Dr Gondwe said the AFREXIMBANK, which has previously supported various sectors of the economy with the bank investing US$80 million to boost the capacity of local mine suppliers in 2009, offers opportunities for local entrepreneurs to access finance that will stimulate the country’s economic growth.
He said this at a media briefing on the side-lines of the on-going   Afreximbank seminar on fundamentals of structured trade finance yesterday.
“ The bank [AFREXIMBANK ] has done a lot for Zambia and it is willing to do more but business is not as forth coming as it should to exploit this opportunity .there is an outcry that most businesses do not have access to finance but its inexcusable that they are not exploiting facilitates offered by AFREXIMBANK,” he said.
Dr Gondwe also said trade and export development remains central to the continent’s economic revival.
“It is worth nothing that banks have an important role in fostering cross-border trade and that means Africa having a breed of banks with the right knowledge and skills to support African traders in cross-border trade transactions,” he said.
On the economic situation in the country following the death of President Sata, Dr Gondwe said the peace currently prevailing in the country has resulted in the stability of the economy.
He said the peace has also boosted investor confidence.
At the same occasion, AFREXIMBANK president Jean-Louis Ekra said there is need for enhancement of value addition if African countries are to realise more revenue from their commodities.
Mr Ekra also called for increased intra-Africa trade saying trade among African countries remains low.

Facebook Feed