By Scoop Reporter
MINISTER of Labour and Social Security, Brenda Tambatamba has praised Zambia Industrial Commercial Bank (ZICB) for actively helping the Small and Medium Enterprises (SMEs) in Zambia through affordable loans and other products that grow the small businesses.
Ms. Tambatamba said she was happy that the bank is owned by Social Security Institutions who are holding a substantial amount of investment in ZICB which speaks to its identity of promoting SMSs and cooperatives.
The Minister said her Ministry is proud that the Bank was able to demonstrate agility as the spring board to what the future holds and believes if that stands solid with relevant partnerships and more products going to the workers and pensioners whose money has been invested in the bank will reach even higher heights.
The Minister said this during a courtesy call paid on her in her office by ZICD CEO Mr. Ignatius Mwanza and his delegation on 6th December, 2022.
She said focusing on the SME development is the future of Zambia’s economy because they help Government broaden the investment base locally even when the country is still calling for foreign direct Investments, adding that the New Dawn Administration wants both the foreign direct investments and local investments because Zambia will one day depend on local investments like other countries have done.
She added that carbon trade and carbon credits is seemingly one of the key possibilities for poverty alleviation indicating that she has been following the activities of Community Markets for Conversation (COMACO) in Eastern and Central provinces adding that it gives hope to see the country delving in that direction.
And speaking during the same event, Zambia Industrial Commercial Bank CEO, Ignatius Mwanza assured the Minister that the investment was growing steadily adding that the company was owned by Government with 99% shareholding by NAPSA, Workers Compensation and IDC among others.
Mr. Mwanza informed the Minister that his bank is expanding its network methodically and is working with SMEs through their representative bodies such as Zambia National Marketeers Association (ZANAMACA) and the Milk Production Cooperatives doted in parts of the Country among others.