THE African Nations Poverty Fund (ANPF) has pumped K75 billion into the launch of the Marketeers Business Expansion Revolving Fund aimed at fighting poverty in Zambia and other countries on the continent.
Fund governor Tresford Chomba said the funds to be invested during the first phase of the project, would benefit more than 50,000 marketeers in Lusaka, Ndola and Kitwe.
He said the marketeers were supposed to access a minimum of K5 million which was expected to be paid back within six months.
The exercise was set to kick-start in April this year.
Marketeers would be required to form groups of 5 to 10 in their market areas according to their already existing relationships to ensure the revolving funds were paid back on time and that the same could be reached out to many beneficiaries as soon as possible.
Mr Chomba said the essence of the facility was to enhance growth in the formal sector and supplement Government efforts in the promotion of local investment and productivity.
“It is evident that Government has put in place good economic policies aimed at supporting small and medium entrepreneurs accessing finance for their business expansion, but this has not benefited many marketeers, especially women and the youths,” Mr Chomba said.
He said his organisation wished to support Government and ensure youths and women fully benefited from the facility.
Apart from marketeers benefitting from the facility, ANPF would employ field officers particularly school leavers to implement the undertaking.
He said at least 700 people would be employed to undertake the task which was a powerful tool of job creation.
Mr Chomba said Zambians were hard working and needed support from the business community and civil society organisations as that should not be left for Government alone.
He called on financial lending institutions to consider revisiting the lending policies such as collateral which only favoured the rich in society.
“Interest rates should further be reduced to enable borrower’s access the loans,” he said.
[Times of Zambia]
How much profit can you make from k5m in six months. After six months these marketeers will either fail to pay back or just return the same money they got without added value to their business.
Good. Best new I have read in a long time. I hope and trust the program includes teaching these marketeers simple basic bookkeeping skills.
50,000 marketeers in Lusaka, Ndola and Kitwe, who did those statistics?? How will they determine that someone is a real marketeer?? I understand there are no IDs for marketeers. Anyway hope we wont have ghost marketeers and that the money reaches the intended people.
How will this be done on the streets, there are no people selling in the markets, everyone is a vendor. Sata needs to tell marketeers to go back in the markets so that such funds can be appropriately and systemically administered
This is not development. This is not sustainable in the long run. Low interest rates with school leavers to as field officers? I do not see any future in this fund. In the next 3 years, a large portion of this money will be in the pockets of the fund managers themselves, and another portion unpaid and misused on poorly managed market ventures. Development institutions do not use revolving funds anymore. This is just a way of putting money in the pockets of pf cadres.
School leavers do not have any “marketeering skills” no credit skills to use. This is a real disaster.
Give them opportunity to export that fish to UK so we can buy chew it. We’ll put more money in their pockets.
Otherwise crazy idea.
Well said #5 Kwe.
if the recipient uses the 5mill wisely they can really go a long way….discipline is very vital here
Well said # 7, discipline is cardinal, K5m can truly go a long way to a seriously minded marketeer
With a Chomba from Muchinga and a Kolwestan at the helm of the fund management , you do not expect anything better. He has already ammassed a huge chunk in allawances for him to announce lies. By the way , only Muchinga and easterners will benefit. That is a fact. You can kill me if you like. Why not not just take the money to those in agriculture productivity who have fixed plots to farm instead of street venders who can not b traced . Is this not madness?
NO COMMENT, EXCEPT THAT HERE IN DEVELOPED COUNTRIES ( CANADA AT LEAST)GVT ONLY LENDS YOU MONEY WHEN YOU PRODUCE EVIDENCE THAT YOU HAVE ATTENDED AN ENTRAUPONURE(? SPELLING!) COURSE, TO AT LEAST BE EQUIPED WITH BASICS ON BUSINESS PLANNING , BUDGETING AND THE LIKE, GVT ARRANGES FOR THESE COURSES AND PAYS FOR CERTAIN PEOPLE WHO MEET THEIR CRITERIA, JUST SO MONEY LENT OUT IS WELL MANAGED. but in our african contest its all about cadres! sad indeed.
Some will not use well that K5m, the best way is to help them how to improve trading, by buying them mobile refrigerators.