6 February 2013

Zambia: Govt 'Ll Maintain Good Policies - Chikwanda

GOVERNMENT will continue improving policy measures aimed at fostering growth and strengthening corporate governance, Finance Minister Alexander Chikwanda has said.

Mr Chikwanda said maintaining a conducive environment that supported private sector led-growth, favourable to local and foreign investment was a priority to the Government.

The minister said this in Solwezi yesterday when he opened Indo-Zambia Bank's 18th branch in the country.

Mr Chikwanda hailed Indo-Zambia Bank (IZB) for its continued strong partnership with Government in fostering economic growth.

"As you may be aware, there are a number of developmental projects coming on stream, particularly in the mining sector here in Solwezi.

"As such, the opening of a branch by Indo-Zambia demonstrated its commitment in partnering with Government in fostering growth in Solwezi and supporting the growth of the private sector," Mr Chikwanda said.

He said the new branch added to the prevailing competition among the banks and financial institutions and that enhanced competition among financial service providers benefited the local communities and created more job opportunities.

Mr Chikwanda called on the banks around the country to be patient with the reception exhibited by members of the public in adjusting to the rebased currency.

North-Western Province Minister Stephen Masumba in a speech read for him by his Permanent Secretary Augustine Seyuba, was optimistic that the new branch would create more opportunities for economic expansion.

IZB board chairperson, Orlean Moyo said the bank's vision was to continue expanding and provide various financial services to the people and be a strategic partner to grow the economy.

IZB managing director, Shankardas Gupta pledged that his bank would continue on the path of growth and targeted to open new branches in strategic areas around the country.

Mr Gupta praised the Bank of Zambia for the positive role played during the rebasing phase.

He praised Government for prudently managing economic affairs and ensuring buoyancy of the economy through sound policies that had continued to attract investment.

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