IFC moves to boost Zambia agricultural finance
The International Finance Corporation (IFC) is investing $25 million (€19.3 million) in Zambia's National Commercial Bank (Zanaco).Zanaco will use the money to increase access to finance for agricultural businesses and small entrepreneurs in the nation, as the IFC stated many companies in these sectors are currently having difficulty securing funding. Vice-President for Business Advisory Services Rachel Kyte said the body, which is a division of the World Bank, is "committed to helping build a more inclusive financial sector in Zambia by increasing access to finance for smaller businesses, including in the agribusiness sector".
Ms Kyte is currently on a two-day visit to Zambia, during which she is meeting government officials and development partners to ascertain how the IFC can improve its investment in the country. Mark Wiessing, Managing Director of Zanaco, added the bank has an "extensive network" of branches across the nation and the partnership will help it increase the availability of long-term loans to clients.
The bank was established by the Zambian government in 1969, with the aim of providing affordable banking services to citizens of the country.