Two international banks have not put more money in a Zambian bank that provides medium and long-term financing to businesses, forcing the Zambian government to increase its shareholding in the bank, a senior official said here Monday.

Minister of Finance and National Planning Alexander Chikwanda said Exim Bank of India and Development Bank of Southern Africa (DBSA) have not pumped in additional funding in the Development Bank of Zambia (DBZ), forcing government to source for funding for the bank.

The Zambian minister, speaking at a press briefing at his office, said the government has since increased its shareholding in the bank from an initial 40 percent to almost 90 percent.

"We were supposed to put funds in the bank in proportion to the shares we have but our colleagues have not done so. They have not told us the reason and we can't force them to put in the bank," he said.

He said it is not government's intention to increase its shareholding in the bank and is currently looking for options on how it can invite other equity partners to pump in money in the bank.

"We are looking for equity partners at the Lusaka Stock Exchange (local bourse) but looking at the financial position of the bank, we don't think they will be anyone interested but we are trying to mobilize resources," he added.

The Zambian minister has blamed the poor loan repayment culture in the country for the problems facing not only the DBZ but other financial institutions in the country and advised people to change their mentality on loan repayment.

The DBZ, which is supposed to be the country's sole provider of medium and long-term to businesses, is not able to do so because of its poor liquidity position.