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ZANACO has reiterated its commitment to Zambia’s green transition by spearheading sustainable financing initiatives, including a US$50 million credit line from the British Investment Bank dedicated to climate-related projects.
Speaking at COP29 in Baku, Azerbaijan, ZANACO Executive Head of Client Solutions, Chanda Chime-Katongo, emphasized the bank’s focus on supporting Zambia’s shift to cleaner, more sustainable energy sources that are resilient to climate change.
“The $50 million credit line secured in 2022 is being directed toward smart agriculture and solar initiatives, positively contributing to Zambia’s environment and economy,” she said during a panel discussion titled “Unlocking Climate Finance for Local Communities: Bridging the Gap to Drive Resilience and Sustainable Development.”
Katongo highlighted ZANACO’s integration of sustainability across its operations, including credit and investment decisions.
“Some of our staff have been trained by Oxford University and the Frankfurt School of Finance and Management on sustainability, and we mandate e-learning sustainability training for every team member,” she stated.
She also underscored the bank’s solar energy financing product, which offered loans of up to K200,000 for individuals and K3 million for businesses at competitive rates of 19 percent with repayment terms of up to 72 months.
“This product empowers both retail customers and businesses to invest in solar energy, promoting sustainable practices,” she added.
Katongo noted that ZANACO collaborated with stakeholders such as One Acre Fund to address climate change challenges, including the planting of nitrogen-fixing trees, which has benefited farmers in Zambia’s Central Province.
PwC Assurance Sustainability Leader, Rabecca Hachilo, also spoke on the panel, identifying barriers that local communities face in accessing climate financing, including the lack of bank accounts and unregistered businesses.
“Addressing foundational issues like these is crucial for fostering sustainable development,” Hachilo said.
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One Acre Fund Country Manager, Luke Vilijoen, stated the partnerships willingness to help small-scale farmers adapt to climate change.
“Our solutions are locally adapted and evidence-based, ensuring they meet the unique needs of the community,” he said.
Food and Agriculture Organisation (FAO) Senior Natural Resources Officer, Martial Bernoux, added that the organization remained committed to connecting farmers with climate financing.
“In Zambia, we are implementing several projects, including a €7 million EU-funded initiative addressing soil management to combat climate change,” Bernoux said.
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