Indo Zambia Bank reaffirms commitment to partnering with govt in key economic sectors


Indo Zambia Bank (IZB) has highlighted its investments in critical sectors of the economy, as it reaffirms its commitment to being government’s developmental partner.

Kowdichar Shashidar, its Managing Director, made an overview of the bank’s support to these sectors on Monday in Nkeyema District during the the bank’s official handover of the 1×2 Classroom Block at the Chibuli Primary School.

In the agriculture sector, Shashidar pointed out the bank’s finance in excess of K680 million while for manufacturing, it was over K1,628 million.

“The bank’s loan portfolio, which represents its level of funding to businesses and individuals in the economy, has increased by over 32 percent since December 2022 and by over 82 percent since December, 2021,” he said.

On the Chibuli school, Shashidar stated that it was part of its support towards government’s efforts in the education sector.

He recalled that the bank’s pledge during the Western Province Expo in October of constructing and fully furnishing a classroom block at a school in the province.

Read more: Indo Zambia Bank profit up by 57.97%, to pay K100 million in dividends

“Chibuli Primary School now has an indelible mark of IZB and a special place in the IZB family. I therefore wish to implore the school administration to please cherish this infrastructure,” Shashidar said.

At the same function, Western Province Minister, Kapelwa Mbangweta, was grateful to the bank as it participated in a number of government programmes such as Constituency Development Fund (CDF) and credit window which barely opened a few months ago.

Mbangweta stressed government’s high premium on human capital development which led to the introduction of free education policy that had made many pupils to go back to school.

He, however, cited provision of desks for the pupils as a challenge being faced in the province.

“We are happy that you have fulfilled your promised to provide financing for his school. The works here were done slightly over nine weeks as per project plan. This local contractor will be given some more work to inspire others,” he said

He encouraged the school and pupils to look after the infrastructure.

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