Lusaka, Zambia (PANA) – The Zambian government has, through the Public Service Micro-Finance-Company, disbursed K70 Million at 5 percent interest rate, to 4,000 civil servants spread in 74 districts across all the country’s 10 provinces.
The available funds for the public service loan scheme in 2014 is K107 Million of which K100 Million is the budget provision for the year and K7 Million are carry-over funds from 2013.
Public Service Micro-Finance-Company (PSMFC) chief executive officer, Mubanga Mwiko, disclosed Wednesday that for the first quarter, PSMFC has so far received K25 Million from the Ministry of Finance, of which K21 million has already been disbursed.
Mwiko also announced that the Board of the PSMFC has approved the Business Strategic Plan for the company for the period 2014 to 2016 which is targeted at developing public service friendly products and customer service innovations.
The plan will also aim at developing systems and procedures which will ensure that there is efficiency, effectiveness and monitoring in the loan empowerment process, for the benefit of civil servants in all the provinces of Zambia.
