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Banking sector critical to economic growth, Finance Minister says at stakeholders meeting


The banking sector has remained critical in fostering the much needed economic growth in Zambia.

This would be done through various stakeholders partnerships and engagements, Finance and National Planning Minister Situmbeko Musokotwane said at the just ended Investing in African Mining Indaba in Cape Town.

Musokotwane underscored the banking sector’s contributions to the economic transformation of the country.

The Minister held fruitful engagement with ZANACO Bank Chief Executive Officer Mukwandi Chibesakunda, ABSA Zambia Managing Director Mizinga Melu, Stanbic Bank and Ecobank Zambia Bank officials who were part of the stakeholders at the event.

He said such engagements are important to government, stating that it was vital to exchange notes on how the financial sector can work with government to attract investors.

Read more: Bank of Zambia rates country’s financial sector performance good, as bad loans below 10 percent

He added that stakeholder such engagements are key in driving economic development and triggering investor confidence.

On the Investing in African Mining Indaba, Musokotwane said the event was a success as the Zambia was engage to engage in the mining players in the region and globally.

“Zambia has become a destination of choice for Foreign Direct Investments (FDIs) due to its political stability and conducive business environment for all.

“We have also held bilateral engagements with the banking sector and appreciated the sector as key stakeholders to economic growth,” Musokotwane said.

And Ecobank Zambia Acting Managing Director, Misheck Mkokweza said his bank would continue supporting government’s economic transformation agenda through the provision of financial solutions.

Mkokweza said with mining being the main driver of Zambia’s economy, Ecobank would continue to support the growth of the sector.

The Mining Indaba has attracted more than 9000 delegates, 500 investors, 530 mining companies and 48 ministers from different countries.

The theme for this year’s event is: Unlocking African Mining Investment: Stability, Security and Supply.

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