By BUUMBA CHIMBULUOVER K550 million has been accessed by the First National Bank (FNB) Zambia under the Bank of Zambia’s stimulus package meant to provide relief to key economic sectors and households impacted by the Covid-19 pandemic.FNB Zambia Chief Executive Officer, Bydon Longwe, said 80 percent of the funds had been channelled to the agriculture sector.TheCentral Bank in April last year set up a K10 billion Targeted Medium Term Refinancing Facility (TMTRF) aimed at cushioning the adverse effects of Covid-19 on enterprises and individuals, with the funds expected to be distributed for onward lending through commercial banks.Responding to this stimulus package, Mr Longwe indicated that FNB Zambia had applied for K550 million and that half of the funds had already been withdrawn.“The biggest component of our loans and advances sits in the agriculture sector and we felt that they needed that support. We applied to the Central Bank and we drew down on the funds […]
FNB ACCESSES K550M RELIEF FUND
