Business Leaders Unlock Sources of Finance in Zambia

The Secretary to the Cabinet in Zambia, Dr Roland Msiska, has expressed the Zambian Government’s unwavering support to private investors in order to strengthen the country’s business and economic environment, particularly the SME sector.

In a speech read on his behalf by the Deputy Secretary to the Cabinet - Ambassador Kasanda, Dr. Msiska was addressing business leaders at the AMSCO in Zambia Open Day 2014. Themed “Leveraging the Right Finance for Emerging Company Growth”, the event took place at Taj Pamodzi Hotel in Lusaka Zambia on Friday, 22 August 2014.

Dr. Msiska highlighted the need to accelerate and sustain growth in the sector that has proven to be the largest employer in Zambia to end poverty. “This can only happen if private investment increases, so that more jobs are created,” he said.

He shared the various business enablers that Government has in place including economic policies that promote both growth and investments. Dr. Msiska expressed great appreciation to the African Management Services Company (AMSCO) and its partners for availing a platform that supports the private sector particularly in the areas of access to finance, human capital, and technical assistance.

Speaking at the event, the CEO and Managing Director of AMSCO, Paul Malherbe, acknowledged the role that SMES play in African countries including Zambia. He was however concerned that they don’t always have the resources and wherewithal to utilise the opportunities at their disposal.

Malherbe said it was for that reason that AMSCO came up with a forum that would promote knowledge sharing to its stakeholders that will assist companies in Zambia to grow to levels where they are globally competitive and sustainable.

“What is needed for business growth within a rapidly globalizing world is a balance between financial capital and human capital.”

Malherbe shared AMSCO’s impact on human capital development which he said would not have been successful without public private partnerships.

The meeting opened up an opportunity for the participants to critically analyse the state of readiness of Zambia enterprises for emerging and innovative finance sources. Alternative sources of funding were identified but what is still lacking is knowledge of their existence and consumption by the enterprises. Ideas on how to take the information to the right markets were also shared.

Panellists that led the discussions included representatives from Securities Exchange Commission, Lusaka Stock Exchange, GroFin Zambia, International Finance Corporation, FNB Zambia, Focus Financial Services, Databank Agrifund Manager, Kukula Capital, Crown Agents, African Development Bank, Zambia Chamber of Commerce and Industry and AMSCO.