Mr Dana Botha, Managing Director, and Moses Vera, Head of Finance, both of BancABC Zambia, as well as Deepak Malik, Head of the Norfund Southern African office, and Fred Pelser, Associate of the Southern African office, signed the five-year loan agreement on Thursday, 1st December 2011 at the Pamodzi Hotel in Lusaka, Zambia. Exchange Control Approval by the Bank of Zambia was granted on 11 November 2011.
Zambians in search of affordable credit will benefit from the innovative and affordable finance options offered by BancABC Zambia, a subsidiary of African Banking Corporation Holdings Limited, following the conclusion of a $5 million funding agreement between the bank and the Norwegian Investment Fund for Developing Countries (NORFUND).
This facility was approved after a full on-site credit review performed by Norfund in May 2011. The review included a detailed assessment of BancABC Zambia’s corporate governance, compliance, and KYC procedures, as well as an evaluation of its social responsibility measures. Additionally, a review of BancABC Zambia’s strategy, financial results, loan portfolio structure and credit approval processes, as well as a detailed examination of the bad debt and provisioning methods employed by the bank, was undertaken. BancABC Zambia appreciates the level of Norfund’s commitment to the bank and plans to utilise these funds to grow its long-term loan portfolio, to both corporate and individual borrowers.
Read more about NORFUND and BancABC here.