CHIKWANDA

By MOFFAT CHAZINGWA-
GOVERNMENT has implored financial institutions to help in the diversification of the Copperbelt economy away from mining by supporting the growth of the private sector.
Minister of Finance Alexander Chikwanda said the Copperbelt’s fortunes were essentially based on minerals.
Mr Chikwanda said the mines had a limited lifespan and as such, there was need to envisage a time when even the mineral traces from the slimes and other wastes would be totally exhausted.
“It is, therefore, incumbent on financial institutions to help the diversification of the Copperbelt economy beyond the narrow confines of the mineral extraction and processing,” he said.
He said this in Kitwe yesterday when he officially opened the Indo-Zambia Bank Copperhill Mall Branch.
Mr Chikwanda said the expansion of the bank branch network was a key component in the Government development agenda as banks constituted a mechanism for mobilisation of capital being invested in growth promoting projects.
He said the unprecedented infrastructure development in Kitwe and the Copperbelt as a whole would give impetus to the development strides being made countrywide.
Mr Chikwanda said Government remained committed to pursuing a monetary policy aimed at delivering low inflation and developing a strong financial sector that continued to expand access to finance, particularly to small and medium-scale enterprises (SMEs).
He noted that Indo-Zambia Bank’s credit and advances portfolio registered impressive growth in 2013 by crossing the level of K900 million.
“This increase is significant because of its desirable stimulating effect on the economy as this credit focused on the growth areas of the economy such as manufacturing, agriculture, tourism and infrastructure development,” he said.
Bank of Zambia Governor Michael Gondwe said the existence of strong and reliable banks in the country was a testimony to an attractive macro-economic environment and an ideal investment climate made possible by Government’s sustained economic and financial reforms.
Earlier, Indo-Zambia Bank managing director Shankard Gupta said with the opening of the Copperhill Mall Branch, the bank now had a total network of 25 branches covering all the 10 provinces.
Mr Gupta said the bank had continued to invest in branch expansion programmes because of the bright economic prospects of the country.