FINANCE and National Planning Minister Dr Situmbeko Musokotwane says the Development Bank of Zambia had 98 percent of none performing loans at the time the Central Bank took possession of it. And Dr Musokotwane says government plans to establish a new Development Financial Institution, which will be incorporated under the Companies Act to facilitate the inclusion of private equity. He further says the Bank of Zambia has appointed two members of its staff to manage DBZ and Betternow Finance during the period of possession, who will be responsible for loan recoveries and settlement of liabilities. Meanwhile, the Finance Minister says the Central Bank’s integrity is solid and cannot be questioned just because of the recent incident in which its Facebook...

To continue reading this premium content, login to your account or Subscribe to our ePaper using the buttons below.
Log In Subscribe