Montreal (Quebec), 4 November 2026 – During the Commonwealth Heads of Government Meetings, Prime Minister Mark Carney announced a USD 35 million loan from Canada’s bilateral development finance institution (DFI), FinDev Canada, to Zambia National Commercial Bank Plc (“Zanaco”). Zanaco is one of the largest financial institutions in Zambia. This represents FinDev Canada’s first direct investment in the country and an opportunity to advance Canada’s bilateral relations with Zambia in line with Canada’s Africa Strategy.
FinDev Canada’s investment is part of a USD 105 million facility that was funded alongside Citibank, Swedfund, and Norfund. FinDev Canada's loan will enable Zanaco to improve access to financial services for SMEs, including women-owned or led MSMEs (WMSMEs) and agribusinesses in Zambia.
MSMEs play a critical role in strengthening Zambia’s economy, contributing approximately 70% of GDP. However, a lack of access to formal, affordable, and longer-term financing constrains their growth potential.
Zanaco is committed to advancing gender equality across its portfolio and within its operations. This includes providing tailored products and services designed for WMSMEs, such as community accounts, electronic banking solutions, and collateral-free loans. This transaction is 2X-aligned, demonstrating the financial institution’s commitment to women’s economic empowerment.
“FinDev Canada’s first commitment in Zambia reflects its continued focus to expand investment opportunities in fast-growing African economies. Local financial institutions play a pivotal role in supporting inclusive private sector growth, channeling capital to underserved businesses and communities while strengthening broader economic development. By combining expertise and market knowledge from peer DFIs and a leading financial institution, this transaction with Zanaco supports Canada’s long-term economic engagement in the region,” said Paulo Martelli, VP and CIO, FinDev Canada
“This facility expands Zanaco’s capacity to finance SMEs and underserved segments, enabling more businesses to access the capital they need to invest, expand their operations and grow. With a focus on women-owned or led enterprises and businesses across the agricultural value chain, it will help address financing gaps that continue to constrain opportunity. More broadly, it channels international capital into Zambia’s private sector, supporting enterprise development, livelihoods and more inclusive economic growth,” said Mukwandi Chibesakunda, CEO, Zanaco.
“Access to finance is a fundamental driver of inclusive and sustainable growth. When underserved entrepreneurs and high-impact sectors gain access to the capital they need, the benefits extend far beyond individual businesses, creating jobs, improving livelihoods, strengthening economic resilience, and expanding opportunities for future generations. Through collaboration with trusted development finance institutions and leading local partners such as Zanaco, we can broaden access to capital and support economic development where it is needed most. This transformative impact lies at the heart of Citi's mission as we work toward our $1 trillion sustainable finance commitment by 2030," stated Akin Dawodu, Sub-Saharan Africa Head, Citi.
“Through our ownership in Arise, we’ve followed Zanaco’s growth closely and have been impressed by its results and its reach across Zambia. We’re pleased to lend to the bank directly, enhancing its ability to reach the underserved SME segment,” Pindie Nyandoro, Regional Director for Southern Africa, Norfund.
“The need for long-term capital in Zambia’s MSME sector is significant. This investment strengthens Zanaco’s capacity to expand lending to MSMEs, including smallholder farmers and women-led enterprises, reaching underserved communities and supporting more inclusive and resilient growth,” said Siongo Kisoso, Regional Director East Africa, Swedfund.
About FinDev Canada
FinDev Canada is a development finance institution that invests in emerging markets to deliver development impact, financial returns, and shared economic prosperity. We provide debt, equity, blended finance, technical assistance, and advisory across infrastructure, agribusiness, and the financial industry in developing economies to support development through the private sector. Find out more about FinDev Canada at www.findevcanada.ca.
About Zambia National Commercial Bank Plc
Zambia National Commercial Bank Plc, established in 1969 and listed on the Lusaka Securities Exchange, is one of Zambia’s leading financial institutions. Headquartered in Lusaka, the Bank serves individuals, small and medium-sized enterprises, corporates, agribusinesses and public sector institutions through a comprehensive range of financial services. Its network of 64 branches across all 10 provinces of Zambia, supported by digital banking channels, provides convenient access nationwide. Guided by its “You First” brand promise, Zanaco delivers customer-centric solutions that meet evolving needs, advance financial inclusion and innovation, and support businesses, communities and Zambia’s sustainable economic development. For more information, visit www.zanaco.co.zm.
About Citi
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services. Additional information may be found at www.citigroup.com.
Media Contact
FinDev Canada: Media@findevcanada.ca