Staff Reporter
Government has reaffirmed its commitment to developing a formalised, productive, and export-oriented small and medium enterprises (SMEs) sector, following the success of over two million SMEs funded by the Small and Medium Enterprises Development Corporation (SMEDCO).
Speaking at the event this Tuesday, Minister of Women Affairs, Community, Small and Medium Enterprises Development Senator Monica Mutsvangwa highlighted that SMEs are now recognised as engines of economic development in Zimbabwe.
“Through the National Development Strategy and the MSME policy framework, we are committed to capacitating SMEs to become productive, competitive, and export-oriented enterprises.
“To further enhance SME competitiveness, the Government has introduced a policy framework under the National Development Strategy (NDS1). The policy focuses on transforming SMEs into formal, export-oriented businesses that can compete on regional and global markets. This strategy includes initiatives to develop sectors such as leather, mining, clothing, agriculture, and food processing,” she explained.
Harare Chamber of SMEs Chairperson, Lucky Moyo, is one of the many success stories.
“Over 30 years ago, I applied for funding from SMEDCO, which was created to assist SMEs. This initiative has transformed my life. If you knew where I started, you would understand the importance of Government support. My journey underscores the
impact of accessible financing on SME growth and sustainability,” Moyo shared.
Since its establishment in 1983, SMEDCO has been instrumental in providing credit finance, workspaces, and capacity-building services across Zimbabwe.
According to SMEDCO CEO, Obert Ngwenya, the organisation’s mandate includes offering various financing options such as working capital, capital expenditure, order finance, and invoice discounting.
“We have assisted over two million micro, small, and medium enterprises over the past 40 years. Our support extends beyond financing to include providing workspaces and training in financial literacy and business management. These efforts are critical
in fostering a competitive and thriving SME sector across the country’s 10 provinces,” Ngwenya explained.
In celebration of its 40th anniversary, SMEDCO commissioned new offices in Harare, reflecting its continued dedication to supporting the SME sector. The new facilities will enhance service delivery and provide entrepreneurs with greater access to resources.
As the Government intensifies efforts to formalise and grow the sector, SMEDCO’s work remains pivotal in unlocking the potential of SMEs, fostering job creation, and driving economic growth across Zimbabwe.
