HomeBusinessBoZ pays out k3.1billion COVID-19 funds

BoZ pays out k3.1billion COVID-19 funds

The Bank of Zambia (BoZ) has disbursed K3.1 billion under the k10 billion targeted medium-term refinancing facility benefiting 29,518 individuals, households, and other recipients.

The targeted medium-term refinancing facility had been set to prioritize the key sectors identified in the Seventh National Development Plan most notably: agriculture, manufacturing, tourism and energy which will take 60 percent of the funds.

The remaining 40 percent will be reserved for all other sectors and households of which so far, sectors that have benefited include transportation and warehouse, tourism, real estate, financial services, mining and quarrying, individuals and households among others.

According to a report issued by BoZ, 13 commercial banks applied for the advances valued at k6,737.65 million and 18 non-banks applied for k1,881.50 million.

Out of the k8.6 billion applications received from commercial banks and non-banking institutions, the Bank of Zambia has indicated that is approved a total of k6.6 billion.

The total number of beneficiaries from the disbursement advances comes down to 288 from commercial banks and 29,230 from non-banks.

According to a report, the approved advances for 10 commercial banks were k5,217.23 million and k1,415.19 million for 12 non-banks.

“Disbursed advances totaled k3,138.28 million for eight banks valued at k2,132.96 million and funds received nine non-banks were k1,005.32 million,” stated the report.

The disbursed money is intended to enable financial service providers to support businesses and households being impacted by coronavirus.

The banking and non-banking institutions listed in the report include: Zambian Homes, Atlas Mara, Indo-Zambia, Access, Stanbic, First Capital, Absa, First Alliance, ZICB, Pulse, Betternow, Izwe, Xtenda, Altus, Microfinace, ZNBS, and Natsave among others.

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