CEEC offloads about K1.4 million worth of laons in Eastern Province

About 1.4 million Kwacha worth of loans have been given to various small scale enterprises in Eastern Province under CEEC, the Citizen Economic and Empowerment Commission this year.
CEEC Provincial Coordinator, Calistus Mwele confirmed this during a live radio programme dubbed Budget Tracking on Breeze FM this morning.
Mr. Mwele explained that about 786,000 Kwacha has been given to various businesses in Petauke and Mambwe districts under Project Finance.
About 527,000 Kwacha has been given to 17 businesses in Lundazi district while 87,700 Kwacha has been given to various businesses in Mambwe district under Micro finance.
He says that this is from an indicative figure of 2.5 million Kwacha that is supposed to be disbursed to various businesses in the region.
And Mr. Mwele says that 51 projects in Nyimba district and another 51 projects in Vubwi district have been shortlisted for funding this year.
He says that the funding is just waiting for final approval so that the applicants can be given the loans.
Meanwhile Mr. Mwele says that loan recovery under CEEC in Eastern Province now stands at between 45 to 65 per cent from 250 projects that have been funded.
He says that this is an improvement as previously those who obtained loans were reluctant to pay back the money, forcing the commission to engage external debt collectors.
Meanwhile The Citizen Economic and Empowerment Commission CEEC says that it will establish industrial yards in Eastern Province, where all small scale manufactures will be operating from.

CEEC Provincial Coordinator, Calistus Mwele says that this follows a baseline survey conducted in all the districts in Eastern Province which revealed that a lot of manufacturers do not operate from conducive environment.
Mr. Mwele says that the survey also revealed that small scale manufacturers, like those who produce door frames and building blocks have the passion for their jobs but lack equipment.
He says that the industrial yards will be equipped with what he described at state of the art equipment to enable manufactures improve their business to break into the international market.
Mr. Mwele says that the commission will start by putting an industrial year in Chipata before moving to other districts in the region.

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