Online Reporter
Trust Freddy
Herald Correspondent
THE Small and Medium Enterprises Development Corporation (SMEDCO) has been commended by the Government for its financial intervention in the economy, resulting in the disbursement of over US$1,1 million and ZiG2 million in loans to small businesses last year.
This capital injection has been credited with anchoring the country’s employment figures, sustaining 1 134 existing jobs and facilitating the creation of 92 new positions within the SME sector.
Speaking at the SMEDCO annual general meeting in Harare yesterday, Women Affairs, Community, Small and Medium Enterprises Development Minister Monica Mutsvangwa expressed satisfaction with the parastatal’s notable achievements for the fiscal year ending December 31, 2024.
“Some of the achievements I noted include the surge in total income by 2 600 percent, from ZiG8,92 million in 2023 to ZiG243,79 million in 2024,” she said.
“Net profit rose to ZiG70,13 million, compared to ZWG2,61 million in the previous year.”
SMEDCO’s total assets grew by 1 800 percent, reaching ZiG304,4 million.
The successful raising of the first tranche of US$1 million for lending activities empowered women-owned businesses who received 53 percent of all loan disbursements, a historic milestone under the Chiedza/Khanya Mama product, said Minister Mutsvangwa.
She noted that these achievements align with Vision 2030 and the National Development Strategy 1.
She challenged SMEDCO to increase its efforts in resource mobilisation to ensure many people access funds to capacitate their businesses.
“Due to the competing priorities faced by Government, I implore SMEDCO to deepen efforts in mobilising financial resources from local and international finance institutions.
