Zambia (Xinhua) -- The Zambian
government said Friday that it had received about 237
million U.S. dollars from the African Development Bank (AfDB)
in the last two weeks for various development projects.
Minister of Finance Felix Mutati said the funds would go
towards development projects in various sectors of the
economy, including 50 million dollars that will go
towards the development of the aquaculture sector to
boost fish production and reduce importation.
In remarks delivered after signing a financing
agreement with the bank in Lusaka, the Zambian capital,
the minister said the funds will mainly be disbursed to
small and medium enterprises and will be managed by a
local bank—the Development Bank of Zambia (DBZ).
He has since urged the private sector to access the
funds and use it to grow the economy.
The minister however expressed concern over the high
loan default rate by most small and medium enterprises,
adding that the government was working on tightening
levels to ensure that the funds were used for the
Damoni Kitabire, the bank’s representative in Zambia
said the bank was aware of the challenges faced by small
and medium enterprises in accessing finance even though
they contribute about 90 percent jobs for the working