COMESA mobilises €3.7 million for SME financing

Oct 17, 2013

The Common Market for Eastern and Southern Africa (COMESA) will set up a $5 million (€3.7m) fund for small and medium-sized enterprises (SMEs).

The Common Market for Eastern and Southern Africa (COMESA) will set up a $5 million (€3.7m) fund for small and medium-sized
enterprises (SMEs).

COMESA's secretary general
Sindiso Ngwenya
said that the fund will allocate 25 percent of its profits to build the capacity of SMEs in the sub -region.

"
COMESA wants to see small businesses grow into large companies, so they can create jobs," he said, quoted by the Times of Zambia. The fund will be launched at the beginning of November 2013.

This announcement follows the granting a few weeks earlier of a $50 million (€36.7 million) line of credit and a sum of $20 million in equity from the African Development Bank to PTA Bank.

This envelope will help PTA Bank finance SMEs and regional infrastructure projects in the COMESA region.ADNFCR-2976-ID-801650377-ADNFCR