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Indo Zambia Bank (IZB) has signed a K200 million financing agreement with the Zambia Forestry and Forest Industries Corporation (ZAFFICO) to bolster forestry operations and drive industrial growth.
The partnership, implemented under the Bank of Zambia’s (BoZ) Stability and Resilience Facility (SRF), is expected to stimulate job creation and support value addition initiatives within the country’s forestry sector.
Speaking during the signing ceremony in Lusaka on Wednesday, IZB Managing Director, Brajesh Singh described the SRF as a timely and strategic intervention designed to stabilise key economic sectors while enhancing productivity and resilience.
“This partnership is a strong testament to that vision. By increasing activity in value addition and downstream industries, we believe this initiative will contribute meaningfully to the development of not only ZAFFICO but the nation as a whole,” Singh said.
He commended ZAFFICO for its diversification strategy, particularly the corporation’s investment in a particle board manufacturing plant, noting that such ventures promote sustainable forestry management, industrialisation, and employment creation.
Speaking at the same event, ZAFFICO Managing Director, Mundia Mundia, highlighted projects set to be scaled up through the financing, including the imminent commissioning of a US$5 million wet mill.
“The wet mill will enhance value addition to pine, while the particle board plant, which will utilise raw materials from the mill, is expected to attract an additional investment of over K15 million. This support will significantly boost job creation and value generation for the corporation and its stakeholders,” Mundia said.
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