THE Small and Medium Enterprises (SMEs) sector in Zimbabwe has grown tremendously over the years and now contributes more than USD8.6 billion to the Gross Domestic Product (GDP) as well as employing 4.8 million people on a full-time basis, a cabinet minister said at the weekend.
Women Affairs, Community, Small and Medium Enterprise Development Monica Mutsvangwa said this at the Entrepreneurship Networking Breakfast meeting which the Zimbabwe Integrated Traders Association (ZITA) held in the capital.
She said the sector has become the bedrock of the country’s journey towards attaining the vision of becoming an upper middle-income economy by 2030.
“The National Development Strategy has also recognized the significant role of the MSME sector in contributing to the nation’s industrial development through the provision of key ancillary products and services in key value chains in sectors such as manufacturing, mining, agriculture and services,” she said.
Mutsvangwa said her Ministry disbursed ZWL5.3 billion through variousfinancial institutions to support small and medium scale enterprises last year. She said the support was extended through the Small and Medium Enterprises Development Corporation (SMEDCO), the Zimbabwe Women Microfinance Bank, the Zimbabwe Community Development Fund and the Women Development Fund.
The Ministry is also facilitating the formation and strengthening of Savings and Credit Cooperatives (SACCOs) to assist communities to pool resources together for onward lending to members, she said.
“In collaboration with other Government institutions and development partners, the Ministry also facilitates and provides training to SMEs to equip them with relevant managerial and technical skills in order to enhance their business operations and adapt to the dynamic business,” she said. —New Ziana
