Friday, 6 January 2012

CEEC disburses 1,439projects valued at 174billion kwacha out of 1,632 approved projects.

the citizens economic empowerment commission has disclosed the since inception in 2008,it has disbursed in all the 10 provinces of zambia a total of 1,439 projects valued at 174billion kwacha out of 1,632 approved projects which are valued at 219billllion kwacha.
however with this disbursement the commission says that it still has a total backlog of k45billion to clear in project funding.
according ceec public relations and communications manager glenda masebe, there is an accrual of 193 approved projects valued at k33billion, but awaiting funding and in addition there are 25 partially funded projects requiring a balance of 12billion kwacha.
she further says the commission has disbursed funds to 125 constituencies so far and all the districts except ikelengi’ in northwestern province and lufwanyama in the copper belt province has been covered.
mrs. masebe says the commission remains committed to its functions as established by the cee act number 9 of 2009 whose mandate is to promote the empowerment of citizens that are marginalized or disadvantaged.
she says the commission will ensure that people whose access to economic resources and development capacity has been constrained due to various factors such as education background status, sex to mention but a few are catered for.
the citizens economic empowerment fund (ceef) was established to support the development of broad based empowerment programmes.
the ceef is considered as one of the affordable sources of credit available for the micro, small and medium enterprises (msmes).
the purpose of the ceef is to make available resources to citizen owned companies, groups of citizens or co-operatives, citizen empowered companies and broad based economic empowerment programmes which require financial assistance.
most of the citizen owned companies in their current state are too weak to compete against international influence.
moreover, citizens need to consolidate their position in companies and this step requires finance.

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