Kapiri Glass Manufacturing Limited Chairman Costain Chilala signed the agreement on behalf of his company while James Kabuga signed on behalf of the bank.
Mr. Chilala said Kapiri Glass Manufacturing Company will create over 400 new jobs once it is fully revived and operational.
However, he complained of the attitudes of many local banks which he said made it impossible for entrepreneurs to borrow funds for long term projects.
Mr. Chilala noted that the attitude of banks in Zambia made it impossible for the country to start an industrial revolution as they charge very high interest rates.
He said banks are not willing to lend people money for long term projects noting that if they do, their interest rates are too high.
Mr. Chilala, who is a renowned local commercial farmer, urged Government to consider introducing deliberate measures to ease borrowing either by creating an industrial development fund or enacting policies that will encourage indigenous entrepreneurs to invest in Zambia.