ZICB disburses K37m

ZICB disburses K37m

Covid-19 relief to customers

BUUMBA CHIMBULU writes

@SunZambian

ABOUT K36.6 million has been disbursed by the Zambia Industrial Commercial Bank (ZICB) to corporate clients and Small and Medium Entrepreneurs (SMEs) from the Covid-19 stimulus package obtained from the Central Bank.

The Bank of Zambia (BoZ) in April last year established a K10 billion facility to assist businesses and households with affordable funds through the FSP during the Covid-19 pandemic.

ZICB Chief Executive Officer, Ignatius Mwanza, said about 25 SME and corporate clients benefited from the funds abstained from the Cen-tral Bank. Mr Mwanza in an interview explained that the funds had helped its clients including the SMEs to remain in business during this difficult period.

He said the funds disbursed to the various beneficiaries have assisted them to revive their business, while at the same time; the bank had given its clients relief to recover from their loss or closure of business.

“Since the Bank of Zambia launched the stimulus package, we have managed to get K36.6 million and if the monaey is still available we plan to get more money to help our customers,” Mr Mwanza said.

He said during the pandemic, clients with loans were given some relief by suspending repayments until such a time they are able to pay back.

Mr Mwanza said they plan on engaging with Ministry of Small and Medium Enterprise on the possibility of working together to help SMEs grow and contribute to the development of the economy.