The Presidential Empowerment Initiative Fund (PEIF) which was initiated by President Edgar Lungu in 2015 as a vehicle for poverty alleviation through empowerment of traders, marketeers and vendors has so far disbursed more than K12 million to recipients.
In addition, 4,000 bicycles valued at K4 million and 400 motor cycles valued at K800, 000 had also been distributed as part of the ongoing national empowerment initiative.
PEIF chief executive officer, Joseph Chilinda said the initiative was the brain child of President Lungu aimed at supporting efforts to alleviate poverty in Zambia by empowering vendors, marketeers, taxi and bus drivers around the country to grow their businesses.
He was speaking during a handover of 150 bicycles to traders in Mporokoso and Chilubula at the weekend.
Mr Chilinda said in a statement that more than 400 traders in Mporokoso were earmarked to start receiving interest-free loans through the National Savings and Credit Bank this week following completion of the details verification exercise.
“From the feedback we are getting, we are happy that this programme is changing a lot of lives. Bicycles, for example, are making it easy for traders to transport their merchandise, thereby reducing the cost of doing business, improving levels of income and profitability,” Mr Chilinda said.