Dutch bank assists Zambia
Posted by travelhouseuk on September 13, 2008
Netherlands’ Rabo Bank has secured a loan facility of 25 million US dollars for Zambia’s National Commercial Bank (Zanaco). The money was sourced from two international financing agencies – Holland’s FMO and another in France. It is to assist Zanaco to consolidate its financial base.At a signing ceremony in Lusaka on Friday, Netherlands Ambassador to Zambia, Harry Molenaar stated that the facility would enhance Zanaco’s ability to contribute to Zambia’s agriculture sector, which late President Levy Mwanawasa considered as a key sector.Molenaar also disclosed that the Netherlands government has committed a grant of two million Euros to facilitate development projects within Zanaco. Zanaco Managing Director Mark Wiessing said the loan facility would strengthen the bank’s performance.In March 2007, ZANACO announced that the Zambian government finally handed over management of the Bank to RABO Bank.
