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ZANACO has led a USD 250 million syndicated facility for United Capital Fertilizer Zambia Ltd (UCF), marking the largest locally arranged syndication in Zambian history.
Speaking at the UCF Syndication Cocktail in Lusaka on September 24, 2025, ZANACO Board Chairman, Professor Oliver Saasa, said the facility demonstrated the bank’s commitment to placing customers, communities, and Zambia at the centre of its operations under its “You First” brand promise.
“It is an honour to stand before you today as we celebrate a landmark achievement that truly embodies this promise in action. This milestone is not only a testament to ZANACO’s financial leadership, but a bold step toward national self-sufficiency and regional competitiveness,” Saasa said.
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As lead arranger and majority lender, ZANACO partnered with eight financial institutions: Zambia Industrial Commercial Bank (ZICB), Ecobank, FNB, Access Bank, Stanbic, Indo Zambia Bank, African Life Financial Services, and August Hill and Associates.
Saasa thanked UCF and the syndicate partners, noting the facility will expand local fertilizer production, improve regional trade, and strengthen Zambia’s agricultural sector.
UCF Group Chief Executive Officer, Huang Yaochi, recounted the company’s growth journey, noting initial production began in 2016 at 600 tonnes per day.
“Before we entered, fertilizer cost $24 per bag. We set it at $10. Our production cost was $5, benefiting farmers and reducing prices,” he said.
Huang explained that initial financing challenges were overcome with $69 million support from the Industrial Development Corporation, which allowed construction and equipment procurement for the first production line.
He highlighted that UCF had expanded production and begun exporting to Tanzania, Zimbabwe, Botswana, the Democratic Republic of Congo, and Malawi.
Huang stressed the importance of local banks supporting industrial growth.
“If local banks can come together, we can change this country. The money stays here, grows here, and builds our industries,” he said.
Huang said the facility was expected to benefit over one million small-scale farmers, supporting food security and Sustainable Development Goal 2 – Zero Hunger.
He said fertilizer prices had already declined by 23 percent between 2021 and 2024.
“With maize as our staple crop, fertilizer usage under FISP stood at 64 percent in 2024. This facility, along with our previous USD 150 million investment in agriculture, played a key role in the bumper harvest recorded in the 2024–2025 farming season,” Saasa said.
He said: “This is what ‘You First’ looks like in practice — empowering farmers, strengthening communities, and building Zambia’s economic resilience.”
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