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

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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.

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Nigerian troops neutralise 216 terrorists, arrest 332 in one week— Official

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The Nigerian Army Defence Headquarters (DHQ) says troops from different operation theaters across the country neutralised 216 terrorists and arrested 332 persons in the past one week.

A report released on Sunday morning by the Director, Defence Media Operations, Maj.-Gen. Edward Buba, disclosed that troops also succeeded in arresting 24 “perpetrators of oil theft and rescued 161 kidnapped hostages across the country” in the week under review.

Buba noted that troops in the Niger Delta region denied oil thieves crude estimated to be worth the sum of Four Hundred and Forty Eight Million Five Hundred Fifty Seven Thousand Five Hundred and Ninety Naira.

According to the Army spokesman, troops in the oil rich region also discovered and destroyed 97 dugout pits, six boats, 20 storage tanks, two receivers, 16 drums and seven vehicles used in oil bunkering activities.

“Other items recovered incl 174 cooking ovens, one pumping machine and 8 illegal refining sites,” the report noted.

“Troops recovered 533,127 litres of stolen crude oil and 24,520 litres of illegally refined AGO,” he said.

Gen. Buba said that in other operation theatres, troops recovered 234 assorted weapons and 5,994 assorted ammunition.

“A breakdown of the discoveries include 131 AK47 rifles, 3 PKT guns, one M16 rifle, 43 locally fabricated gun, 21 dane guns, one 105mm gun, 2 automatic pump action guns, 18 locally fabricated pistols, 8 single barrel guns, 2 automatic pump action guns, one LG4 bomb, one MG skeleton, 3 explosive IED case, one MOWAG APC, one 81mm mortar tripod stand

“Others are; 3,120 rounds of 7.62mm special ammo, 2,195 rounds of 7.62mm NATO, 211 rounds of 9mm ammo, 99 rounds of 7.62 x 25mm ammo, 467 live cartridges, one rifle butt, 15 magazines, 2 baofeng radios, 10 vehicles, 38 motorcycles, 43 mobile phones and the sum of N871,500.00 amongst other items.”

He reiterated that the military is going to continue to be very kinetic and strong against terrorists in ongoing counter terrorism and counter insurgency operations across the country.

“Indeed, we will banish and defeat terrorism from the nation rather than bow to it.

“Troops are maintaining the momentum in neutralizing the terrorist leaders and commanders. Indeed, we remain focused in fighting for the basic safety and security of citizens of this country,” he added.

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Mapanza traditional council shares positive outlook on media rights, freedom of expression

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Jonathan Muchindu, a representative of the Traditional Council of Mapanza Chiefdom in Choma District, Southern Province, Zambia, asserts that the media in Zambia currently enjoys “total” freedom of expression.

Muchindu attributed this position to the advancement of civilization, which he identified as a significant factor in ensuring media freedom.

He emphasized the role of the media in providing citizens with the necessary information to make informed decisions.

In an exclusive interview with Zambia Monitor in Choma, Muchindu, who also serves as the Director of the Zambia Corruption Prevention Watchdog, described the media and its content as essential elements akin to “food on the table.”

“We are truly privileged to witness the advancements in civilization. Previously, the media was confined to the hands of a few individuals, and its reach was limited.

“However, with the advent of technology, accessing news through various platforms such as radio and television has become commonplace.

“The media has evolved into an indispensable source of information, and its participation is now integral to our daily lives,” he remarked.

When questioned about the operational landscape of the media, Muchindu expressed confidence that no media entity currently faces undue interference or censorship.

“From our perspective, both in rural villages and urban centers, we have not encountered instances where journalists or media outlets have been subjected to harassment or undue influence.

“This collaborative effort had ushered in a sense of enlightenment among the populace, allowing for open discourse on governance matters, particularly in the realm of politics.

“The media enjoyed the same freedoms as ordinary citizens, and there is unequivocal liberty in its expression,” Muchindu concluded.

The declaration by the Traditional Council of Mapanza Chiefdom underscored a positive outlook on media freedom in Zambia and reaffirmed the critical role of the media in fostering informed public discourse.

This story is sponsored content from Zambia Monitor’s Project Aliyense.

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