• K503, 534,433.48, million has been released specifically to go towards women, youth and community empowerment loans.
• This brings the total amount of the loan empowerment fund made available to each Constituency to K3, 227,784.83.
• The Ministry has released K3, 000,000 towards the completion of Chisekesi Main Market in Monze District.
Government has disbursed K922, 726,127.99 for Constituency Development Fund (CDF) and K3 million towards the completion of Chisekesi Main Market in Monze District, Southern Province.
Ministry of Local Government and Rural Development Permanent Secretary for Administration Maambo Haamaundu revealed that of the over K922 million CDF disbursement, K503, 534,433.48, million has been released specifically to go towards women, youth and community empowerment loans with the rest of the money being available to finance other activities within the scope of CDF.
Mr. Haamaundu said this brings the total amount of the loan empowerment fund made available to each Constituency to K3, 227,784.83, reiterating that the empowerment loans are a cheap source of funding at 5% simple interest per annum.
He added that the loans are empowering Small and Medium Entrepreneurs with upstart capital, and further give an opportunity to people with business ideas, but may not have funds, to support development of the businesses.
“We are positive that with this latest disbursement of CDF loans, a lot more opportunities will be created for as many eligible citizens as possible to start or expand their business. With more citizens accessing loans, the Ministry is confident that more entrepreneurs will enhance their business and contribute towards the goal of improving the livelihood of communities in general,” Mr. Haamaundu stated.
Mr. Haamaundu said the Ministry is eager to see more eligible citizens, particularly those in rural areas, who applied for the empowerment loans, access the Fund and utilize it for the intended purposes.
He further disclosed that an amount totaling K419, 191,694.51 from the over K922, million disbursed, has been allocated for other CDF projects, which means that each Constituency has been allocated a total of K2, 687,126.25.
“The Ministry has released an amount totaling K3, 000,000 towards the completion of Chisekesi Main Market in Monze District. The funding is part of this year’s National Budget allocation for Rural Infrastructure Development under the Ministry,” he said.
In April, 2023, the Ministry disbursed over K23, 000,000 to Seven Districts namely, Mongu, Mufumbwe, Chongwe, Choma, Ndola, Serenje and Chasefu to accelerate rural development projects which include the construction of markets, bus stations, and rehabilitation of critical Crossing-Points.
This is contained in a statement issued by Ministry’s Public Relations Officer, Chila Namaiko