Minister of Finance and National Planning Dr. Situmbeko Musokotwane has preached the importance of Small and Medium Enterprises (SMEs) to the national economy.
Dr. Musokotwane said small and medium sized enterprises are the true lifeblood of the national economy.
He said with SMEs representing over 80 percent of national employment, there cannot be any conversation about industrial development and wealth creation without factoring in the role of SMEs.
Dr. Musokotwane was speaking when Absa Bank Zambia in partnership with the U.S International Development Finance Corporation (DFC) and USAID Zambia Enterprise and Development and Growth Enhanced Activity (EDGE) Programme launched a US$ 20 million financing programme for SMEs in Zambia.
The partnership, which will extend over ten years, is intended to strengthen the Bank’s ability to provide loans to businesses in key national sectors such as agriculture, manufacturing, tourism, and clean energy in Zambia, thereby stimulating economic growth.
“Small and medium sized enterprises are the true lifeblood of our national economy. With SMEs representing over 80 percent of national employment, there cannot be any conversation about industrial development and wealth creation without factoring in the role of SMEs,” Dr. Musokotwane said at the Urban Hotel in Lusaka.
Absa Bank Zambia Managing Director, Mizinga Melu said, “This partnership, between three institutions that share a vision of sustainable growth for Zambia and a long standing commitment to the country, is a clear demonstration of how foreign capital development institutions and local private entities can work together to give a real and significant boost to Zambia and Zambians.”
“Through this initiative, Absa Bank Zambia is reinforcing our commitment to economic growth and support for the country’s development. On one hand, we will be doing this by promoting investment and improving the business climate, while simultaneously developing a favourable environment for the generation of new jobs. Whilst on the other hand, we will be supporting the sustainable growth of key national sectors and a shift to a more diversified economy as envisioned by the Government,” Mrs. Melu said.
Minister of Small and Medium Enterprises (SME) Development, Elias Mubanga saluted the Bank for the timely intervention to support SMEs and appealed to other corporations to emulate the gesture.
“I wish to commend Absa Bank Zambia for this timely move to recognise SMEs as a critical engine to economic growth during these unprecedented times. It is my government’s hope that other corporate entities will emulate this gesture and consider investing in SME development if we are to grow our economy and create meaningful employment for our youths,” Mr. Mubanga said.
Meanwhile, Chargé d’Affaires at the USA Embassy in Zambia, Sheryl Stumbras, hailed the partnership with the private sector.
“It is an honour to launch a partnership with the private sector. With this new partnership, our goal is to spur greater investment in agriculture, promote investment in clean energy for cooking and support both the manufacturing and tourism industries,” Stumbras said.
“This partnership fits squarely with the United States approach of collaboration with both the private sector and the Zambian government and takes a market-driven approach to Zambia’s development challenges. At the same time, this partnership supports Zambia’s 8th National Development Plan,” she said.
Preach to who? What has this stimbeko achieved apart from benefiting from pfs hard work. The infrastructure development has translated into increased economic activity
“no one can ignore the gathering force affecting every Member of this Assembly” that is digitalization. Addressing the future of privacy, he said that while people may keep their personal secrets from friends, family, their doctors or others, “it takes real effort to conceal them from Google”. Boris Johnson
Not too long ago UPND administration met with mining companies in South Africa mining indaba nothing was mentioned about mom-and-pop businesses.
Just the other day, a three days trip to the Copperbelt images that came out of the trip. They were disturbing nothing about the labor union and mom and pop businesses.