ZCCM Investments Holdings Plc (ZCCM-IH and Zambia National Commercial Bank Plc (Zanaco) have signed a Memorandum of Understanding (MoU) aimed at fostering and providing growth opportunities that contribute to the participation of small and medium sized enterprises (SMEs) in the mining supply value chain in Zambia.
The MoU provides a framework of cooperation and collaboration between the two entities, that goes beyond identifying opportunities for increased local participation in the mining sector, to providing general corporate funding facilities availed by ZANACO.
Speaking during the signing ceremony, ZCCM-IH Board Chairperson Ms. Dolika Banda, said “this cooperation will help us identify opportunities for increased local participation in the mining sector predominantly, and this resonates with Government’s agenda of building a resilient and sustainable mining industry anchored on investments that deliver benefits to all Zambians. This agenda cannot be complete without local participation in the sector. We want to see our SMEs play a critical role in our mining value and supply chains.”
Speaking at the same function, ZANACO Board chairperson, Mr. Patrick Wanjelani said as a home-grown Bank, ZANACO believes in contributing to Zambia’s economic transformation, adding that “through this partnership, ZANACO will endeavour to provide financial support to qualifying SME’s through suitable banking products”. Mr Wanjelani further stated that the Bank will also provide capacity building through financial literacy training programmes on the products available to the mining value chain, urging local players to take advantage of this opportunity.
The agreement sets out terms that will ensure SMEs are equipped with the necessary tools, information and resources to actively participate in the industry and gain value to expand their businesses, create jobs and contribute to the social-economic development of our country.
This collaboration is aligned with the Government’s call to build and promote linkages aimed at promoting value addition in the mining sector.