Z$16 billion for SMEs

HARARE - THE Reserve Bank of Zimbabwe (RBZ) has reduced the rate of interest levied in the provision of support to Small and Medium Enterprises (SMEs) from 70% to 50% per annum.The Reserve bank said this was in order to bolster the Rural Banking and empowerment programs through SME growth as well as

to synchronize this facility with the existing ASPEF meant for agriculture.
This is also consistent with the Reserve Bank’s thrust of targeted support, within the broad framework of advancement of economic growth and development.Under the Z$16 billion SME Facility,  $5 billion was earmarked for women SME entrepreneurs, $5 billion is earmarked for the Youth in the SME Sector and $6 billion is earmarked for all the other SMEs.
The SME sector players were called upon to take advantage of this supportive measure and empower their communities. The SME sector represents the greatest area of opportunity for the development of the economy through broad-based empowerment of the low-income groups.  Economies in Asia and the Middle East, for instance, have demonstrated that through well-coordinated programs of intervention, the SME Sector can be transformed into engines of growth and development.

Post published in: Economy

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