Moreover, in our opinion, over the period of its gradual termination, this anti-crisis measure may still be preserved first and foremost in the regions facing a shortage of supply where prices have not risen significantly, since a considerable number of regions have confronted a situation where price growth has already exceeded the positive effect of the mortgage rate reduction. Therefore, we consider that this measure should be more targeted in order to really achieve its goal of making housing more affordable for people and avoid overheating in the housing market. As regards ongoing preferential lending programmes, we should have them and did have them before the pandemic. In our opinion, there is a potential for these permanent preferential programmes to be expanded — not for anti-crisis but for permanent ones. They may also be regional, that is, programmes may be supported in those regions where this is not so profitable for construction companies to build these projects and they earn low margins. Therefore, it is necessary to select the regions that could have such ongoing measures supporting construction through either mortgage lending or any other mechanisms. The second aspect is social programmes. For instance, we can see that the preferential programme for young families is not highly requested, and the amounts under this programme are not that large. This is why we believe that the criteria for providing support may be expanded in this regard, including for young families in general, while interest rates may be subsidised depending on the number of children in a family.

Caleb M Fundanga: Exploring and creating financial opportunities in Zambia Remarks by Mr Caleb M Fundanga, Governor of the Bank of Zambia, at the official opening of Venture Capital Workshop, Lusaka, 26 January 2010. *  *  *  The Managing Director, Slyvettan Investment Limited, Mr Robert Masiye Distinguished Resource Persons, Dr Peter Njang and Mr Kenny Rice Distinguished Participants Members of the Press Ladies and Gentlemen I am greatly honoured to officiate at this important workshop which is aimed at exploring and creating financial opportunities in Zambia. I wish to extend a warm welcome to all participants and resource persons, particularly those who have travelled from outside the country. Mr Chairman, I would like to commend Slyvettan Investment Limited for organising this important workshop. This workshop which is aimed at increasing access to capital by local entrepreneurs through venture capital is indeed more than timely as the country strives towards financial deepening, wealth creation and reducing the levels of unemployment. In order to achieve this, affordable financial services should be available to the majority of businesses. It is also gratifying to note that, potential investors will present their projects for possible funding at this workshop. Let me begin by giving a brief perspective of the enormous investment potential this country possesses. Zambia is a country with abundant natural resources and human capital. It is a centrally located country with eight neighboring countries and close proximity to the large market of South Africa. It also boasts of a suitable climate and peace.