The World Bank has announced plans to introduce a credit line for Small and Medium Enterprises (SMEs) in Zambia.
According to the World Bank Country Manager, Achim Fock, the credit line would be provided to Zambian businesses through local commercial banks to boost their businesses.
Speaking after he toured a number of World Bank-funded projects in Lusaka on Thursday, Fock was optimistic that the funding would assist the companies increase their business and create more jobs.
“I am impressed that most of the projects funded under the Zambia Agribusiness and Trade Project in the Ministry of Commerce have created many jobs,” he pointed out.
Fock observed that Creamy Heaven and Afriseed, which were recently funded by the World Bank, had seen growth of their businesses after a boost from the Bretton Woods institution.
Meanwhile, Afriseed Chief Executive Officer, Stephanie Angomwile, disclosed that the company had now increased its output from producing 1, 000 metric tonnes of seed to 3, 000 metric tonnes per year after receiving US$250, 000 from ZATP.
Angomwile said the funding also helped the company buy equipment and motor vehicles and increase its workforce.
Meanwhile, Creamy Heaven Managing Director Riyaz Munshi said: “the finding by ZATP has resulted in the company increasing its supply of 24 varieties of ice cream to various towns outside of Lusaka.
“The US$90, 000 funding helped the company open outlets in Livingstone, Chipata and Kitwe where ice cream is ferried daily by delivery trucks.”