Zambian bank hails Chinese investment contribution to economic development

Published: April 07,2024

Zanaco Plc Head Office on Cairo road of Lusaka, Zambia: Photo credit: https://thebusinesstelegraph.com

A Zambian bank has commended the contribution of Chinese investment and businesses to the country’s economic development.

Zambia National Commercial Bank (Zanaco) PLC said investment figures show that Chinese investment and businesses were playing a vital role in the country’s economy, contributing significantly to growth, job creation and infrastructure development.

“The partnerships between Chinese companies and Zambian entities have fostered economic development and enhanced trade relations between our two nations,” said Mukwandi Chibesakunda, the bank’s chief executive officer, while hosting dinner for its Chinese clients on Friday.

The bank, she said, recognizes the importance of the partnership and was committed to supporting Chinese businesses in Zambia to thrive.

According to her, Chinese investments have not only contributed to fostering economic development but have also resulted in skills and technological transfer.

The bank, she noted, currently has a total of 219 Chinese companies banking with it across the business corporate and investment banking and business banking with a total 66 corporate accounts.

“In addition, our total loan book in the Chinese business currently stands at 176.7 million U.S. dollars with most active participation from manufacturing, agriculture, mining, and transport sectors,” she added.

Xinhua