Only 40% of CEEC loans were recovered
Two investigative wings have been engaged to probe the manner the Citizens Economic Empowerment Commission-CEEC- issued loans.
It has been learnt that less than 40% of the hundred and sixty nine billion kwacha issued out to Zambians as loans was recovered.
Commerce Trade and Industry Minister Robert Sichinga is however optimistic that the Anti-Corruption Commission-ACC- and Drug Enforcement Commission-DEC- will bring out the truth on how the CEEC issued out loans.
Mr. Sichinga revealed this at the recent eighth business exhibition for micro and medium enterprises Zambia Chamber of Small and Medium Businesses Association organized exhibition in Kabwe were Kabwe Business Association Chairperson Winston Makukula expressed optimistic that Kabwe will become the country’s industrial and business hub.
Over the weekend, the Minister of Finance said that empowerment policies such as the citizen Economic Empowerment Commission were not helpful as they only favour the elite who usually do not pay back loans.
Alexander Chikwanda also said that the empowerment commission only encouraged corruption because of patronage.
Mr Chikwanda who was speaking to businessmen during a Zambia Association of chambers of commerce and industry dinner, also said empowerment programs only make people dependant.
He felt that government should instead create an environment for citizens to prosper through personal creativity rather than offering them money as empowerment.