K13m disbursed to beneficiaries under PEIF

MORE than K13 million has so far been disbursed countrywide under the Presidential Empowerment Initiative Fund (PEIF), fund manager Samuel Luneta has disclosed.

Mr. Luneta said the empowerment initiative was targeting at empowering over 50, 000 beneficiaries by end of 2021 adding that so far 27, 000 beneficiaries in 55 districts in six provinces were already on the programme.

He said the empowerment funds were meant to help youths and women groups in informal sector with business capital and capacity building.

Mr Luneta said to keep the programme afloat, beneficiaries under the programme were expected to pay back the loans to allow the next persons to also benefit.

He disclosed that currently, default rate was at less than five percent and which he attributed to a good culture that Zambians had developed of paying back loans.

“As an initiative, we are delighted most women and youth shave developed a culture of paying back loans that has resulted in us recording a default rate of less of than five percent,’’

Mr. Luneta said his PEIF was delighted that more Zambians were seeing and appreciating the programme and urged those that had not applied for the funds to do so in order for them to benefit from the empowerment programme.

He said the funds were non-political and aimed at empowering all Zambian regardless of their political beliefs and affiliation.

“All those who have not yet applied for the funds must consider doing so and therefore Zambians in informal sector especially the women and youths groups should take advantage of this programme to grow the business ventures,’’ he said. He said apart from disbursing the funds, PEIF was carrying out capacity building for the beneficiaries to improve their understanding of their business undertakings.

Mr. Luneta said apart from helping the youths and women groups, PEIF was also helping in construction of churches in some parts of the country.