A US$25 million loan has been granted to Zambia National Building Society (ZNBS).
The Board of Directors of the African Development Bank Group (AfDB) approved the Senior Loan that will support ZNBS in building institutional capacity and financing affordable housing in Zambia.
Hopefully this will help Zambia’s lower-middle class and middle-income earners to access long-term affordable housing finance.
The loan will consolidate the growth of a strong affordable housing sector; it will help to reduce fiscal pressure on the Zambian government and it will enable ZNBS to mobilize funding from other sources.
The Bank intervention is in line with the Bank Group’s five focus areas that are essential in transforming the lives of the African people and are consistent with the United Nations agenda on Sustainable Development Goals (SDGs).
The intervention will encourage urban development to provide residents with basic utilities such as water, sanitation, roads and electricity. It will improve the life of people in Zambia and it will create new job opportunities.
The AfDB supports investments to enlarge financial markets in Africa and enable the private sector to mobilize and access long-term local currency funding from local financial and debt markets.
