The Zambia Development Agency (ZDA) and the Development Bank of Zambia (DBZ) has signed a Memorandum of Understanding (MoU) to support the growth of local enterprises through enhanced collaboration that will facilitate access to tailor made finance and business support services.

Speaking during the MoU Signing Ceremony, ZDA acting Director General Mukula Makasa said the collaboration between the two institutions was significant and timely as it would support the growth of local enterprises and facilitate access to tailor made finance and business support services.

Mr. Makasa explained that the MoU would enable the facilitation of innovative financing arrangements that meet the requirements of entrepreneurs and the establishment of linkages to local and international institutions providing support to local entrepreneurs.

“The importance of this partnership cannot be over emphasized as the economic growth and development of the country into a middle income nation by the year 2030 is heavily dependent on the growth of local enterprises,” he said.

Mr. Makasa expressed confidence that the partnership between ZDA and DBZ would yield positive results.

And speaking at the same event, DBZ Managing Director Dr. Samuel Bwalya said the MoU provided the two institutions a formal platform to work together and closely support the growth of local enterprises in Zambia.

Dr. Bwalya disclosed that the MoU would among other things, enhance the provision of credit facilities and business development services to Micro, Medium and Small Enterprises (MSMES).

“The mandates of our two institutions are built around the common vision which is to foster the social economic development of our country,” he observed. “It is therefore, increasingly unrealistic to assume that the two institutions can effectively deliver on this bold mandate by working in silos.”