Government has disbursed about ZWL$90m to 42 small and medium enterprises across the country through the Small and Medium Enterprises Development Corporation (SMEDCO)’s SME Fund, Business Times can report.
The fund is meant to promote the development of micro, small and medium enterprises, and cooperatives in the country through lending and capacity building.
SMEDCO, which falls under the Women Affairs, Community, Small and Medium Enterprises Ministry, channels funds towards women’s projects.
“A total of ZW$89.6m was disbursed to 42 projects under SMEDCO SME Fund creating 68 new jobs and 589 jobs were sustained,” Information, Publicity and Broadcasting Services minister Monica Mutsvangwa said at a post Cabinet briefing on Tuesday.
She said Women Affairs, Community, Small and Medium Enterprises Development minister Stembiso Nyoni advised Cabinet that funding of 20 Women’s Projects was at 90% with funds having been disbursed to 17 projects by POSB.
A total of 163 women from three provinces were trained in Business Management amid indications that women need business training to manage their own entities and projects.
From the 20 projects, each project got ZWL$300,000 amounting to a total of ZWL$6m.
The Women Affairs, Community, Small and Medium Enterprises Development ministry is pushing for the 100 Women Empowerment Clubs to be established in all provinces.
Mutsvangwa said SMEs have shown resilience during the pandemic as most of them continue to operate smoothly.
“The nation is advised that funding for Post Covid-19 recovery of 50 SMEs is at 84%,” Mutsvangwa said.
Close to 46 projects were identified and visited under the OPEC Fund for International Development (OFID), and 66 projects were identified and visited under Small and Medium Enterprises Development Corporation.
Under the OFID Programme, 10 projects were approved for funding to the tune of US$411 000.