By Staff Reporter
The European Investment Bank (EIB) has shown keen interest in supporting Zambia SMEs through AB Bank.
Following a recently launched new agricultural loan product for small-scale farmers, AB Bank has been funded by EIB with a loan of about K40 million (€3 million) for onward lending to micro small and medium-scale Enterprises (MSMEs).
During the signing the loan agreement meeting last Friday, AB Bank Chief Operations Officer Jessica Schicks said the loan came at a time when AB Bank was enhancing its lending to SMEs.
Ms. Schicks said AB Bank has a specialized unit for small and medium-scale enterprises (SME) lending and will channel EIB funds to the right beneficiaries.
She added that the offer of the EIB is of particular value to financial institutions in an environment of a volatile currency, as it is granting lending facilities in local currency.
And EIB Head of Regional representation in Southern Africa and Indian Ocean Carmelo Cocuzza said EIB is committed to supporting ideas that promote the development of people adding that EIB will also provide technical assistance
and build capacity among the AB Bank’s potential customers.
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