Thu, 15 Dec 2016 15:02:27 +0000
THE Presidential Empowerment Initiative Fund (PEIF) has expanded its services and has now offered a vehicle valued at K35 thousand to Ndola’s Broadway Taxi Drivers Association.
PEIF Fund Manager Joseph Chilanda, who is also Amaaka Multi-purpose Cooperative Society chief executive officer (CEO), has disclosed that out of the K7 million disbursed loans under the initiative only 1 million has been recovered.
And PIEF patron Chanda Kabwe has said the handing over of the motor vehicle has shamed critics of the presidential initiative that the Fund was not a political gimmick to hoodwink Zambians.
Handing over the vehicle to Taxi drivers, Mr. Chilinda said the vehicle was part of the loan facilities under PEIF.
He said it was part of the presidential initiative to empower those in the informal sector and help businessmen and women to grow their business.
“The drivers had applied for empowerment and had been waiting for three months for feedback.
Upon undertaking our analysis, we decided to award them this vehicle a Toyota corolla in form of a loan,” he said.
Meanwhile, Mr. Chilanda said from the time the initiative was rolled out, the cooperative has faced challenges in collecting money from defaulters.
He said the loan facility was designed with products ranging from assets namely motor vehicles, motor bikes and bicycles to cash.
He disclosed that the dispensation of loans in totality since November 2015, stood between 12 and 13 million Kwacha.
He said the marketeers have benefited from the fund have not settled within the stipulated one month period but have taken longer due to various reasons.
He said the cooperative has continued to engage the marketeers and intensify sensitisation that the facility was a revolving Fund and required to be settled within the stipulated period of time.
“We are engaging them to pay back for it to be sustainable because if compromised, it will be difficult for us to reach others who want to benefit,” he said.
Mr. Chilanda disclosed that country wide 60 marketeers are currently appearing before court for failing to pay back the loan.
However, Mr. Kabwe, who is also Kitwe District Commissioner, has advised the taxi drivers to put the vehicle loaned to them to good use.
