EIB allocates 56 million euros for SMEs in Zambia
The initiative will make funds available to SMEsA sum of 56 million Euros has been earmarked for the growth of small and medium enterprises (SMEs) in Zambia by European Investment Bank. Since EIB is committed to alleviating poverty in Africa, the financial support for SMEs will culminate in economic growth and job creation, thereby reducing poverty. While speaking at the EIB conference for SMEs in Zambia, EIB's Business Analyst for Southern Africa and Indian Ocean, Ryno Byleveldt made it known that the funds are accessible to SMEs over a period of 2 years through Zambian commercial banks and microfinance institutions. The credit lines provided by EIB are accompanied by a technical assistance to promote efficient utilization of the credit lines as well as to organize SME support actions aimed at improving financial literacy and enhancing the quality of bankable projects.