Govt approves to setup education loans institution

Information and Broadcasting Services Minister, Chishimba Kambwili says government has approved the creation of the Education Loans Institution to replace the bursaries committee which was established through a statutory instrument, No. 182 of the 1973 Education Act of the Laws of Zambia to “administer bursaries, loans, scholarships and fellowships for tertiary education locally and abroad”. 

Among other functions of the bursaries committee include processing and administering GRZ bursaries and loans for students at the University of Zambia and the Copperbelt University.The bursary committee also processes and administer scholarships and fellowships offered by co-operating partners and/ or agencies for Zambian students to study abroad. It is also the function of the bursaries committee to facilitate clearance for self sponsored students to study abroad. 

Mr Kambwili says cabinet approved the creation of the institution last week. He said this will provide education loans to students taking up studies in institutions of higher learning. 

Mr Kambwili said a mechanism will be put in place to ensure that government recovers the money loaned to the students upon them starting work. 

He said it is the wish of government to ensure that every child attains higher education. LT