Kitwe & District Chamber of Commerce and Industry

BOZ RELEASES K1.7BN IN COVID-19 CASH

BOZ RELEASES K1.7BN IN COVID-19 CASH

THE Bank of Zambia (BoZ) has so far disbursed over K1.7 billion under the stimulus package while K1.5 billion has been allocated to six commercial banks. Early this year, the central bank launched a K10 billion targeted medium-term refinancing facility aimed at cushioning the impact of coronavirus on businesses and individuals. The disbursement is being implemented through commercial banks and non-bank financial institutions. In an update yesterday, BoZ has approved K5.39 billion worth of applications of which it has disbursed a total of K 1.747 billion. Of the total K1.747 billion, six commercial banks got K 1.52 billion, while five non-bank financial institutions were given about K221million. “BOZ has approved K4.5 billion to be given to 10 commercial banks and K 895 million, which will also go to 10 non-bank financial institutions, bringing the total to K 5.395 billion,” the report states. Atlas Mara, Indo Zambia, Access, Stanbic, First Capital Bank and Absa Bank Zambia Plc are comercial banks that have accessed the facility while non-bank financial institutions are Pulse Betternow, Altus, Izwe and Xtenda. Source: Zambia Daily Mail

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