President Hakainde Hichilema has called for more support from the banking sector towards Zambia’s energy sector in order for the country to achieve its target of producing over 10,000 megawatts by 2031.

He has thanked the banking sector for their contribution to the country’s development, further calling for an increase in support to energy projects, adding that this will require more support from financial institutions.

ZANIS reports that President Hichilema has since implored the banking sector to consider reducing interest rates in order to lower the cost of capital and increase access to financing for investors.

The Head of State said this when the ABSA Group Chief Executive Officer, Kenny Fihla paid a courtesy call on him at State House, in Lusaka.

And the ABSA Group CEO has commended the Zambian government for its efforts in stabilising the economy.

He has noted that due to the government’s good policies, Zambia has recorded a reduction in inflation, positioning the country as an attractive investment destination.

Mr Fihla has assured of ABSA Group’s continued support to the country’s sectors such as energy and mining, which contributes largely to economic growth.

Speaking at the same meeting, ABSA Group Chairman, Austin Mwape assured that the bank is putting in place interventions to reduce the cost of capital, through a system known as concession financing.