Developmental

CEEC records 70pc loan recovery under Aqua Seed Fund

By OLIVER SAMBOKO

THE Citizens Economic Empowerment Commission (CEEC) has so far recovered 70 percent of the K162.4 million aquaculture seed fund under the Zambia Aquaculture Enterprise Development Project (ZAEDP).

CEEC Public Relations and Communications manager Michelo Mukata said as at December 31, 2021, the commission had achieved an annual recovery rate of 70 percent against the targeted 65 percent.

Mr Mukata said in the same period, the CEEC had disbursed K162 million in business loans to citizens and companies under the seed fund. 

He also said so far the aquaculture seed fund had empowered 1, 396 beneficiaries all valued at K162.4 million. 

Mr Mukata said the recovered amounts will be taken back into the pool to benefit other applicants that did not benefit in the first disbursement. 

He said another call would be made for people to apply for loans but was however, quick to mention that the commission will wait for guidance on whether the project funding will be managed by CEEC or taken back to the Ministry of Livestock and Fisheries, the owners of the programme.   

He also called on individuals and companies that have borrowed from CEEC, not only under the Aquaculture Seed Fund but also other loans to pay back so that others can also benefit.

Mr Mukata said all those that acquired loans from CEEC should remember that the money they got is not free but a loan that should be paid back.

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