Indo Zambia Bank speaks on partnering government for economic development

Indo Zambia Bank (IZB) has announced that more than K1.3 billion was provided to government for budget support in 2023.

Managing Director, Kowdichar Shashidhar, said this in Lusaka on Tuesday during the opening of its Long Acres branch.

Shashidhar stated that the institution was collaborating purposefully with government in implementing initiatives of national significance.

He mentioned initiatives such as Constituency Development Fund (CDF), saying it was actively playing a part, as well as its participation in the Social Cash Transfer Programme.

Shashidhar pointed out that in 2023, the bank disbursed over K130 million to more than 1,400 applicants across the country.

“In the year 2023, we have disbursed in excess of K130 million to over 1,400 applicant’s country wide.

“IZB always partners with government for the successful implementation of FISP programme and ensure it reaches most remote parts of the country. For 2023/24 season alone, we will reach out to over 400,000 farmers nationwide,” he said.

Shashidhar also spoke on the bank’s participation in implementation on the Sustainable Agriculture Financing Facility (SAFF) as another initiative to support government.

He said they had so far processed and disbursed funds to over 1000 beneficiaries across Zambia since the financing window opened recently.

On the new branch, Shashidhar said this had brought the total branch network to 34 countrywide.

At the same function, Finance and National Planning Minister, Situmbeko Musokotwane, acknowledged the bank as a significant player in the which had grown steadily over the years.

“The sustained branch expansion initiative that has been pursued by IZB over the years is commendable as it has created platforms on which the bank has rendered support to its clients, businesses and a wide range of players in the economy.

“In addition, the initiative significantly fosters healthy competition in the banking and financial services sector as it presents broad choices and solutions for businesses and the general public,” Musokotwane said.

Bank’s Board Chairman, Micheal Gondwe, said the opening of the branch coincided with the commencement of IZB’s 40th anniversary celebrations.

WARNING! All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express permission from ZAMBIA MONITOR.