Barclays injects K3.7 bn into economy

Sat, 17 Dec 2016 11:00:08 +0000

By BUUMBA CHIMBULU

 BARCLAYS Bank Zambia has this year extended loans of up to K1.3 billion to the private sector as well as civil servants, head of marketing and corporate relations, Mato Shimabale, has said.

Responding to a press query, Mr Shimabale said in an interview that Barclays Bank Zambia Plc was the second largest lender in Zambia, with total investments of K3.7 billion.

“Lending to ordinary individuals through the retail bank is an important part of the bank’s business and this year the bank has extended loans of up to K1.3 billion to Zambians in the private sector as well as civil servants,” he said.

He said the bank had also extended loans of K700 million to support Small and Medium Enterprises (SMEs) in Zambia.

Mr Shimabale also said the bank had continued to complement Government efforts of diversifying the economy by providing financing and support to the key economic sectors.

He said such sectors included mining, manufacturing, energy, agriculture and telecommunication.

He said some of the recent investments included the financing of the US$828 million 300 megawatt Maamba Collieries Limited thermal power plant.

“Some recent highlights of financing arranged by the Barclays Bank Zambia Corporate and Investment Bank include the US$120 million facility to support the expansion of Zambia Sugar Plc.

“Our commitment to support the growth of the Zambian economy as a financial service provider is unwavering and we will continue to work with different stakeholders to add value to the Zambian economy,” he said.