Metro

UBA, AfCFTA sign $80m financing agreement for Zambia’s SMEs

Published

8 months ago

March 21, 2024

The United Bank for Africa (UBA) Group has penned an agreement with the African Continental Free Trade Area (AfCFTA) aimed at providing financing of up to $80 million to Small and Medium Enterprises (SMEs) in Zambia.

The East African country was allocated the sum in the agreement to provide financing to eligible SMEs from a $6 billion three-year financing agreement signed between the UBA Group and AfCFTA.

UBA Country Chief Executive Officer, Chinedu Obeta, who made the announcement in a statement in Lusaka on Thursday, said each beneficiary SMEs would have access to an amount of up to $150,000 or its equivalent the local currency, Kwacha.

Obeta said the products under the financing agreement will asset finance, working capital finance, facilities such as short term loans and overdrafts.

“It is designed to provide the much needed financing to African and Africa based Small and Medium-scale Enterprises in various sectors including Agro-processing, automotive, pharmaceuticals and transport and logistics,” Obeta said.

He added that Zambia which has a vibrant SME sector, stands to benefit immensely from the initiative while the sectors being targeted in the first phase of the partnership are largely import dependent.

“By focusing on these sectors, we aim to promote the development of SMEs by providing technical and financing solutions for intra-Africa/domestic alternatives,” Obeta said.

He further noted that the initiative aligned with the objectives of the AfCFTA which was to improve access to finance and markets for SMEs, thereby encouraging their growth and contribution to the social-economic development of Africa.

“By providing much needed financing, we aim to empower Zambian SMEs to compete on a global scale, thereby boosting the Zambian economy as a whole,” he added.

Related Topics:afcfta Featured Financing SMES UBA Zambia

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Metro

EU launches initiative to reintegrate over 417,661 out-of-school children in Nigeria

Published

5 hours ago

November 15, 2024

Isaac Dachen

The European Union (EU) has launched an initiative to reintegrate over 417,661 out-of-school children in Nigeria, particularly in the northwestern parts of the country.

Mrs. Tobi Ransomed, who is the consortium lead, disclosed this during the launching of the “Accelerating Basic Education and Livelihood Opportunities for Children and Youth in North West Nigeria Program” (ABEP), held in Dutse, the capital of Jigawa State, on Thursday.

While declaring the event open, Ransomed noted that the high rate of out-of-school children in the region required a holistic approach from all relevant stakeholders to ensure these children reached their potential.

Speaking further, she said the ABEP three-year pilot program would be implemented through Save the Children International, PLAN, and Development Alternatives Incorporated (DAG) across twelve local government areas in Kano, Jigawa, and Sokoto States.

“Data from Save the Children International (SCI), has shown that 10% of the world’s out-of-school children are in Nigeria, with over 10 million primary school-age children not in school. Approximately 25% of girls and 10% of boys in the country have been victims of sexual violence,” she stated.

“The program aims to increase access to safe, quality, and inclusive alternative and accelerated education programs for 324,000 young girls and boys, as well as 32,400 persons with disabilities, supporting their transition into formal or non-formal education.

“This project plans to increase access to livelihood opportunities, vocational education, and green job opportunities for 60,000 youths and 6,000 persons with disabilities, with 20,000 beneficiaries in each participating state.

“The overall objective is to contribute to the empowerment of the poorest, underserved, and most marginalized population groups, including women, girls, and youth, by providing access to quality, inclusive, gender-sensitive, and conflict-sensitive education in northwestern Nigeria with a special focus on Kano, Jigawa, and Sokoto States,” she stated.

Metro

World Bank pledges $3b to support Zambia’s development goals

Published

23 hours ago

November 14, 2024

Isaac Dachen

The World Bank Group has pledged to avail Zambia with approximately $3 billion to support the country’s development goals under the new Country Partnership Framework (CPF) for 2025-2029, with nearly half of the funds already disbursed.

World Bank Country Manager, Achim Fock, who made this known at the CPF launch at the Mulungushi Conference Centre in Lusaka on Wednesday, outlined the global lender’s focus areas, which included enhancing jobs, human capital, and climate resilience.

Fock highlighted that $200 million had been approved to strengthen Zambia’s social protection programs, including the Refugee and Host Community Project.

He also expressed optimism for upcoming approvals, including the Climate and Economic Resilience Financing and the Zambia-Tanzania Interconnector.

Zambia’s Finance and National Planning Minister, Situmbeko Musokotwane, who also spoke at the event, noted that 2.3 million Zambian households have so far benefited from social protection interventions such as the Cash for Work Programme, emphasizing the government’s commitment to safeguarding lives amid crises like the recent drought.

Musokotwane further reiterated the government’s commitment to protecting lives during times of crises such as the recent drought.

“More than two thirds of the Zambian population was affected by the drought. It was the government’s view that the first priority was to save lives,” Musokotwane stated.