Caleb M Fundanga: Strengthening and promoting the Zambian private sector Speech by Dr Caleb M Fundanga, Governor of the Bank of Zambia, at the Celtel Loan Signing Ceremony, Lusaka, 12 December 2006. *  *  *  Managing Director, Celtel Zambia plc Senior Government officials present Chief Executives Officers of commercial banks and other financial institutions present Management and staff of Celtel Zambia plc Members of the Press Distinguished invited guests Ladies and gentlemen It gives me great pleasure to join you today at this celebratory event for the Celtel Zambia plc USD105 million 5-year, two-tranche, local and foreign currency syndicated term loan facility. Undoubtedly this event marks a high-point for all those working at strengthening and promoting the Zambian private sector. In this regard, this event clearly unveils and in so doing reveals the hitherto relatively unknown sophistication and ability of the Zambian private sector and surely the coming of age of our nascent banking and financial services sector. Ladies and gentlemen, it is gratifying to observe that the facility we are celebrating today was initially launched as a USD70 million facility but was subsequently raised to USD105 million following significant oversubscription. It is equally gratifying that of the USD105 million, USD86 million or 82 per cent was raised in Zambian Kwacha primarily from Zambian commercial banks with some participation from international development finance institutions. This is a demonstration of the growing confidence in both Zambian corporate borrowers and business climate by both domestic and international banks.
In short, good governance works and we should all simply try it! In conclusion therefore, I would like on behalf of Bank of Zambia and indeed on my own behalf to commend the Zambian commercial banks, international banks and development finance institutions that have participated in this syndication. This is not only testimony of their confidence in Celtel Zambia plc but confidence in the Zambian people and the economy as well. I thank you. 2  BIS Review 126/2006