The Bank of Zambia has launched the Stability and Resilience Facility (SRF) to protect financial stability and strengthen the resilience of the financial sector following the 2023–2024 drought.
According to a statement released on Friday, the bank will open an SRF Access Window on Monday, December 30 with K5.0 billion (Kwacha five billion only) in funding for 12 months.
Read also: Zambia to end use of bank cheques with new payment transition plan
Businesses affected by drought, electricity shortages to access the funds
The drought has severely impacted the domestic economy and increased the risk of financial instability. Load shedding and food insecurity have worsened the situation, affecting agricultural production and hydroelectric output.
The launch of the facility aligns with the Bank of Zambia’s mission to ensure pricing stability and the overall stability of the financial system.
The statement, signed by Silvia Siwale, the Bank’s Acting Assistant Director of Communications, stressed that funds will be made available to qualified Financial Service Providers (FSPs). These FSPs will then lend the funds to agriculturally viable businesses and those affected by the current electricity shortages.
The Bank of Zambia will post the funding details on its website, along with the terms and conditions for accessing the funds.
Leave a Reply