IZB’s credit portfolio hits K4 billion
…as bank describes the 2023 national budget progressive
CREDIT portfolio for Indo Zambia Bank (IZB) has hit K3.8 billion by September this year, as the institution pledges to support Government in fostering job creation announced in the 2023 national budget through its agency banking.
The bank has also announced that its Micro, Size and Medium Enterprises (MSMEs) and Retail portfolio currently stands at over K580. 000 million with over 6,700 beneficiaries.
These announcements have been made by IZB Managing Director Kowdichar Sashidhar at the Western Province Expo in Mongu where he reiterated the institutions’ commitment to foster economic growth and job creation.
Mr Sashihar said the bank’s credit portfolio had increased by 22 percent to K3.800 billion in September, 2022 from K3.100 billion in 2021.
He noted that IZB had therefore allocated K500 million to MSME Finance with concessional terms on critical parameters such as collateral and interest.
“The bank’s MSME and Retail portfolio stands at over K580
million with over 6, 700 beneficiaries.
“The bank has targeted its finance in line with and in support of the Government’s priority sectors such as K 1.077 billion financed to the Agriculture value chain and K1.088 billion to the manufacturing Sector,” Mr Sashidhar said.
IZB, he said, had continued
to provide budget support and that it was a major player in the Farmer Input Support Programme (FISP)/Comprehensive agriculture support programme in the 2022/2023 farming season.
Sashidhar stated that IZB was further supporting Government programmes such as acting as a collection agent for FISP farmers, as well as undertaking collections for the Ministry of Home Affairs.
“The bank is playing a major role in cushioning the adverse effects of Covid-19 on business activity in the country by administering over K1.583 nillion under Bank of Zambia Targeted Medium Term Refinancing Facility to support critical sectors of the economy,” he said.
Meanwhile, Mr Sashidhar said IZB was well positioned to supplement Government’s efforts in job creation through its agency banking platform as announced in the 2023 national budget.
Mr Sashidhar who described the 2023 national budget as progressive, said IZB was well equipped to support it in various ways.
He said the bank would offer special incentives and concessions for green energy, renewable energy and climate sensitive activities.
“The bank will continue its positive trajectory of financing the economy by increasing its level of finance by over 20 percent and is therefore targeting a credit portfolio of over K4.500 billion in 2023.