. CHIKWANDA

By CHUSA SICHONE –
FINANCE Minister Alexander Chikwanda has said Indo Zambia Bank (IZB) has demonstrated its commitment in partnering with Government in fostering development and supporting the growth of the country’s economy.
Mr Chikwanda said this when he officially opened a new IZB branch in Mansa yesterday, two days after the bank opened another  branch in Mongu on Wednesday, resulting in a total of 24 branches countrywide. It plans to open the 25th branch in Kitwe soon.
Mr Chikwanda was appreciative of IZB’s contribution to the country’s economic development and for embarking on an aggressive expansion initiative that had seen the bank open eight branches in one year.
“As you may be aware, there are a number of developmental projects unfolding in various parts of the country while this town of Mansa and Luapula Province in general is witness to a significant boom of economic activities and infrastructure development.
“As such, the opening of the 24th branch by Indo Zambia Bank demonstrates its commitment in partnering with the Government in fostering development and supporting the growth of the economy. The bank is lending effort to the Patriotic Front Government’s national development agenda, a very ambitious agenda, which can only be successfully anchored with appropriate structures such as banks,” he said.
Mr Chikwanda observed that banks were a very important institutional mechanism in the country’s development endeavours and that better access to finance not only increased economic growth but that it also helped to fight poverty and reduce income inequality between the rich and the poor in society.
He said IZB’s expansion created employment and facilitated human skills development adding  that skills were needed for the development of any country.
IZB managing director Shankardas Gupta said the bank commanded very strong financial fundamentals as its total business mix was currently in excess of K2.4 billion and total deposits of over K1.5 billion with loans and advance portfolio crossing the level of K900 million.
Mr Gupta said the bank created 40 direct jobs in 2013.
Bank of Zambia (Boz) Governor Michael Gondwe said IZB’s continued expansion was commendable and a clear demonstration of the bank’s unwavering commitment to its original ideal of promoting economic development in the country and implored it and other banks to continue extending their services.