By SHARON ZULU
Once recapitalized and fully functional the Development Bank of Zambia (DBZ) must target its support exclusively towards Zambian investors to avoid dependence on foreign direct investment as the engine for economic development and job creation.
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Private Sector Development Association chairperson Yusuf Dodia Dodia said DBZ should work with ministries of small and medium enterprises to build the capacity of Zambian firms.
“We all know that the bank was established to support the Zambian enterprises but that was not the case.
“I think with the move by the Bank of Zambia management will be able to work with Zambian firms to build their capacity,” he said.
The decision by the Bank of Zambia (BOZ) to take possession of the DBZ, he said, was timely as it would facilitate recapitalization to enable it execute its mandate.
In an interview, Mr Dodia says that there has been a lot of misuse and misapplication of resources in the operations of DBZ.
He says, important lessons should be learnt by DBZ management to realign the operations of the non-banking institution.
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