FNB Zambia & First Quantum Minerals sign MoU to strengthen local supplier participation in the mining sector

FNB Zambia and First Quantum Minerals (FQM) […]

FNB Zambia and First Quantum Minerals (FQM) have signed a Memorandum of Understanding (MoU) aimed at enhancing access to financing for Zambian businesses seeking to participate in opportunities arising from the mining sector’s Local Content Regulations.

The partnership will see FNB Zambia provide innovative financing solutions designed to support qualifying local suppliers with the working capital and trade finance required to fulfil procurement orders awarded by First Quantum Minerals. The initiative is expected to unlock growth opportunities for Zambian enterprises, strengthen local supply chains and contribute to sustainable economic development.

Speaking at the signing ceremony, attended by the Zambian Business Times – ZBT, FNB Zambia Business and Commercial Banking Executive, Kabanda Lilanda, said the partnership demonstrates the bank’s commitment to supporting local enterprise development and driving inclusive economic growth.

“At FNB Zambia, we believe that access to finance should never be a barrier to business growth and participation in key sectors of the economy. Through this partnership with First Quantum Minerals, we are creating a pathway for local businesses to access the funding they need to seize opportunities within the mining value chain, grow their operations and contribute meaningfully to Zambia’s development.”

The mining sector remains one of Zambia’s most significant economic pillars and presents substantial opportunities for local businesses to provide goods and services. However, many suppliers face challenges in accessing the capital required to fulfil large procurement contracts. The partnership seeks to address this challenge by creating financing mechanisms tailored to the needs of local suppliers.

First Quantum Minerals, Country Director, Anthony Mukutuma, reaffirmed FQM’s commitment to developing local suppliers and increasing Zambian participation across its operations through sustainable procurement and supplier development initiatives.

The collaboration aligns with national aspirations to increase local content participation, create employment opportunities, build local business capacity and enhance the contribution of Zambian-owned enterprises to the broader economy.

Commenting on the partnership, Lilanda added that “This is more than a financing arrangement. It is a strategic collaboration that brings together the strengths of FNB Zambia and First Quantum Minerals to empower local businesses, create jobs and promote shared prosperity. We are proud to support initiatives that enable Zambian enterprises to compete, grow and thrive.”