15 February 2013

Zambia: Muchinga Poised for Economic Growth, Says Gupta

MUCHINGA Province is poised for economic and social transformation in the backdrop of sound economic policies.

This is according to Indo-Zambia Bank (IZB) managing director Shankardas Gupta who said the private sector appreciated the economic activities in the area, and that the province was poised for economic and social growth.

Mr Gupta said Muchinga was set for economic boom which would include unprecedented infrastructure development, increased agricultural production and emerging Small and Medium Entrepreneurs (SMEs).

He was speaking at the opening of the Indo-Zambia Bank 20th branch in Chinsali district.

Mr Gupta said the Government had initiated various development projects of national significance such as the commissioning of hydro power stations in Shiwang'andu and the establishment of two universities, adding that the bank was happy to be part of this development.

Mr Gupta said his bank had carried out expansion programmes including the recent opening of the Kasama and Solwezi branches.

"It is strategically desirable for the bank to come to Chinsali to ensure that we are actively involved in the economic activities and developments unfolding in the new province and Chinsali in Particular."

He said through the Chinsali branch, the bank would supplement Government's efforts in promoting and nurturing inclusive growth and development in the town and beyond.

Speaking at the same function Muchinga Province Minister Charles Banda said Chinsali was poised for economic transformation hence the decision by IZB to come and be part of this development was commendable and bore a clear testimony of the banks' commitment in supporting the Government's development agenda.

"I therefore wish to urge you to devise financial products that will support Government's developmental programmes for Chinsali and Muchinga Province in general.

Mr Banda reiterated that the Government would continue to maintain a conducive environment that supported private sector-led growth favourable for both local and foreign investment.

IZB chairperson Orlean Moyo said the Chinsali branch would accord the bank strategic positioning to harness and tap into the government's sound economic policies and favourable business environment prevailing in the nation.

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