About 1,000 Marketeers in Kalulushi and Chambishi are set to benefit from the Presidential Initiative Empowerment Fund (PIEF), National Coordinator Clement Tembo has disclosed.
Tembo who was on the Copperbelt to lunch the PIEF in Kalulushi District said the funds are meant to boost business activities to many vulnerable marketeers.
He said K 400,000 has been set aside for the marketeers in Kalulushi and Chambishi to help reduce the burden most marketeers were going through in growing their business activities.
"We have recognised Marketeers as an important player in the country's economic growth and it is the reason we have come here so that we empower them so that they contribute more to the economy, for today as demonstration we have given out funds to over 50 marketeers and we will be giving more every Monday so that everyone is catered for" Tembo said.
He added that a system has been put in place to ensure that marketeers don't default and pay back the funds.
"we have created a system that will help them pay back on time, every Friday will be asking them to pay something, for example if a marketeer gets K 500 we will be expecting them to pay atleast K 20 every Friday but the payment period is within five months" He stated.
Tembo has further disclosed that the rate of paying back has improved adding that the defaulting rate has gone to about 10% which he said would be addressed very soon.