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Sunday, January 22, 2023

Zambian SMEs in $15 million grant boost from UAE Khalifa Fund

HeadlinesZambian SMEs in $15 million grant boost from UAE Khalifa Fund

The government has signed a $ 15 million deal with United Arab Emirates KHALIFA Fund for a grant aimed at supporting the development of Small and Medium Enterprises SMEs in the Country.

Special Assistant to the President for Finance and Investment Jito Kayumba disclosed that the grant is one of the positive outcomes of the President’s recent visit to the United Arab Emirates (|UAE) and will be managed by the Ministry of Small and Medium Enterprises.

“We additionally signed an investment deal of about $15million with the UAE for the support to SMEs in the country. This fund is not a loan but a grant and it will be managed through the Ministry of Small and Medium Enterprises,” he said.

Speaking during a joint press briefing with Presidential Spokesperson Anthony Bwalya at State House, Mr. Kayumba added that the landmark $ two Billion energy deal that was signed with ZESCO will not only benefit the energy sectors but other sectors as well and will create more jobs and business opportunities for local suppliers and other businesses

Mr Kayumba has urged Zambians to position themselves properly in order to fully benefit from the investments and contribute to the country’s economic growth.

And Presidential Spokesperson Anthony Bwalya stressed that government is committed to find a lasting solution to the challenges faced in the energy sector and described the $2 Billion energy MoU as a direct result of President Hakainde Hichilema’s leadership and commitment.

Mr Bwalya added that the MoU will stabilize the energy sector by stabilizing power supply and creating jobs for the citizens.

“The President and team immediately set out to sort out the problem of load shedding and find a lasting solution to the problem. As you are aware we signed the largest energy MoU on energy. This is a direct result of the President’s leadership,” he said

He further added that Zambia will, together with South Africa and Senegal, boost food security for the continent through the production and supply of grains, a move that has partly been necessitated by the war in Russia and Ukraine.

Mr Bwalya said the move will create more jobs and opportunities in the agricultural sector and increase forex for the country.

12 COMMENTS

  1. “The government has signed a $ 15 million deal with United Arab Emirates KHALIFA Fund for a grant aimed at supporting the development of Small and Medium Enterprises SMEs in the Country.”-LT

    This is a political party, using GRZ to get its shortcomings. Please publish how you are going to spend this in each province.
    The countries that you get grants from how did they get to the position of giving you this money?

    This is what happens when you fear fear itself: fighting corruption, corruption is bearing its fruits.

    GRZ what’s going on? No accountability to taxpayers.

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  2. Grant? No, please no. This requires careful scrutiny by those literate in international relations. Don’t just announce such things without knowing the quid pro quo. I think some people need help here.

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  3. I believe the donors should examine SMEs and ministry of commerce activities. Look carefully at their projects, activity , money received and how the money is being spent. What is the role of the ministry of commerce concerning the trade and business activities of SMEs.

  4. Just begging everywhere and for everything like in PF …so what do the Arabs get in return? You mean we dont have $15m as a country? WE have $60,000 to issue out loans to some Govt Directors to buy $by$s for their wives.

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  5. This has to be the most useless government on earth! $15m grant and you are busy boasting about it. Can somebody please tell this useless attack imwbwa of hh to zip it and sit down! This is so annoying!!!

  6. @Tarino: Instead you guys always pointing pointing ati “dont we have $15m as a country? Okey why dont you and your friends who are talking come and give the Government that $15m dollars? Its very simple guys! When investors come you guys complain – infact 90% of you here on this site are illegal immigrants there in foreign white countries – question is _ why are you there and hiding from the police everywhere,jumping fences? why? When you cud live in Zambia with no one chasing after you. Literally you are the waste beggers cos your kind of begging is not published in the media. But doing whatever your white master tells u to do or be fired! is the worst begging ever. hahahhahahahhahahahhahahahahahahhahahhahahahha!

    • You want us to give govt $15m? Do you know why subsidies were removed in the first place…do you even know what is in the deal? You have a grant being managed by Ministry of Small and Medium Enterprises…how is this going to be dispersed? All these type of funding just lead to corruption as this money will simply disappear.Khalifa Fund for Enterprise Development is backed by Ministry of Economy…you ask yourself what is in it for the Arabs.

    • @Tarino Orange
      Almost on a daily basis, LT is filled with comments from these ‘armchair’ critics who think government is doing little to promote local ownership of the economy, they claim HH, is only promoting Zambia to foreigners. And Yet the same Zambians have no capital to initiate businesses, and therefore, this is an effort to support those local Businesses. It’s NOT a bad idea to get a grant, it’s how you utilize that grant, that is where you need to challenge the GRZ. I am sure you know that even the EU provides different grants to, especially the new countries(PL, CZ, SK, HU, etc)which has helped those countries to develop their economies. The onus is on GRZ to prove. they can distribute this $15m with minimal CORRUPTION. Keyword here is MINIMAL.

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