Take advantage of funding, entrepreneurs told

ZAMBIAN enterprises should take advantage of the funding Africa Export and Import (AFREXIM) Bank provides to grow their businesses, director of projects and export development finance Kofi Adomakoh has said.
Mr Adomakoh said with many enterprises being faced with the challenge of access to finance, it is important for them to access alternative funding from institutions such as AFREXIM.
“We want to increase partnership with the private sector and Government to boost the Zambian economy. Local entrepreneurs should, therefore, utilise the bank,” he said at the just-ended AFREXIM conference on Friday.
Mr Adomakoh said the institution, which has injected about US$700 million in the Zambian economy in the past years, is committed to provide more funding to support the country.
The bank has provided funding to corporates including mining, agriculture and financial institutions.
Mr Adomakoh said the bank remains committed to enhancing Africa’s competitiveness, diversification, trade and value addition through the provision of finance for among other projects infrastructure development.
He also said the lending institution stands ready to offer guarantee to corporates borrowing from other financers.
“The bank has enough liquidity to provide to enterprises on the continent,” he said.
At the same occasion, Pangea Securities senior associate Chenge Mwenechanya said high interest rates have continued to prevent small and medium scale enterprises from accessing finance from commercial banks hence the need for alternative sources of finance.

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