Zimbabwe: $90m Package for SMEs Unveiled

May 08, 2017 | The Herald; All Africa

This comes as Government enhances efforts to stimulate economic growth through small to medium enterprises.

Vice President Emmerson Mnangagwa yesterday launched a $90 million funding package to capacitate upcoming businesses across all sectors and help formalise their operations to ensure they contribute to the mainstream economy. This comes as Government enhances efforts to stimulate economic growth through small to medium enterprises. The $90 million package was facilitated by the Reserve Bank of Zimbabwe and will be administered by the Ministry of Small to Medium Enterprises and Cooperative Development in collaboration with various financial institutions. Of the $90 million facility, $10 million will go to horticulture, $15 million to cross border traders, $40 million for the gold facility, $15 million for women empowerment, while $10 million has been earmarked for business linkages. The launch, held under the theme "Promoting Financial Inclusion for Micro, Small and Medium Enterprises and Cooperative Development", was attended by representatives of SMEs from different sectors, bankers and senior Government officials. In his address, VP Mnangagwa said the package will complement policy interventions such as Zim-Asset and the 10 Point Plan for Sustained Economic Growth and the country's industrialisation policy whose over-arching goal is to ensure the rapid transformation of the economy. "As Government, we recognise the critical role played by the MSMEs and cooperatives in addressing the issue of poverty reduction, job creation and income generation," said VP Mnangagwa. "That is why the Ministry of SMEs and Cooperative Development, in collaboration with the RBZ have organised this important launch in order to avail funding facilities for the identified five sub-sectors." Read more on All Africa. Source: All Africa