Barclays sets up $11.2m lending facility for SMEs in Zambia
The bank aims to support the growth of small businesses in the country.Barclays Bank Zambia has set up a loan facility of $11.2 million (€9.7 million) for on-lending to small and medium-sized enterprises (SMEs) through financial services company Focus Financial Services Limited.
Barclays Bank Zambia managing director Saviour Chibiya told The Times of Zambia the facility was a strong testimony of the importance that the bank attaches to supporting the growth of small businesses which are key drivers of economic growth.
"The success we celebrate today with Focus Financial Services is a reflection of the common vision that our organisations have towards supporting the growth of this important sector of our economy. Both organisations recognise the pivotal role SMEs, as the largest employers in the economy, can play to raise the nation's Gross Domestic Product," he said.
Mr Chibiya added that the loan facility would impact more than 150 small businesses.
Around 88 per cent of the 4.1 millions of Zambians in employment work for informal enterprises in the SME sector, according to figures from the Bank of Zambia (BOZ).