Indo extends over K100m to renewable sector
OVER K100 million worth of loans was extended to companies operating in the renewable energy sector by Indo Zambia Bank (IZB) as at end of December 2023.
IZB Managing Director, Kowdichar Shashidhar, said this was done under the company’s Green Loans initiative meant to support renewable energy in Zambia.
Mr Shashidhar said this at a media briefing in Lusaka to announce its 2023 financial performance.
“In 2023. we effected our Environment, Social and Governance (ESG) and Green Funding Policy which was conceived in 2022 to boost our efforts in creating a sustainable economy.
“We also continued our Green Loans initiative, which supports companies in the renewable energy sector, and extended over K100 million to companies working in this space,” he said.
During 2023, Mr Shashidhar said, IZB also increased the promotion of its Agency banking solution in remote and underserved communities to support the financial inclusion of people from these communities, support local businesses, and facilitate job creation.
“We also continued supporting and collaborating with the Bank of Zambia in its Financial Literacy Initiative.
“The Bank is also in the process of branch expansion and will add another four branches within two to three months,” he said.
At the same function, IZB Chairman, Michael Gondwe, said the company was committed to maintaining and even surpassing the high standards it had set.
Dr Gondwe said IZB was dedicated to implementing sustainable practices to minimize our environmental impact.
“As we journey forward, our commitment remains unwavering - to enhance and expand our digital platforms and in-person services, providing enhanced value and convenience to our esteemed clientele.
“Embracing social responsibility, we will continue investing significantly in our communities. Moreover, we are dedicated to implementing sustainable practices to minimize our environmental impact,” he said.