The ManicaPost
Tendai Gukutikwa Business Correspondent
THREE provinces, Manicaland included, are set to benefit from a $7,6 million Fund for International Development commonly known as the OPEC Fund, which is aimed at financing Small and Medium Enterprises.
The Minister of Small and Medium Enterprises and Co-operative Development, Sithembiso Nyoni announced this at a news conference, held at a Mutare hotel last week, where she introduced the OPEC Fund to Manicaland Province.
She said the $7,6 million fund, which will be launched by the Government at a later date in the provinces will be split among three provinces namely, Manicaland, Masvingo and Matabeleland North.
Minister Nyoni said with the OPEC Fund, SMEs from the three provinces will be grouped and receive loans that range from $10 000 to $50 000.
The loans have to be paid back after a stipulated time but unlike other loans, the OPEC funds will have low interest for the benefit of the growing businesses.
“No one must be lacking in their businesses because of lack of funding when they have income generating projects that help in the building of our economy and creation of jobs. The Ministry has initiated funding to assist our SMEs as they have proven that they are today’s major economic drivers.
“Manicaland has proved that it is a province that wants to grow as an economic hub for the whole country and export, rather than import products, labour as well as expertise, and therefore qualifies to be part of the OPEC Fund beneficiaries,’’ said Minister Nyoni.
She said jobs need to be created so that they sustain the economy and help in boosting the country’s Gross Domestic Product.
After touring Majoh Launderette and Ultimate Solutions, among other SMEs in the city, Minister Nyoni urged non-formal SMEs to formalise themselves and make sure that their networking is strengthened and legalised.
She further urged local SMEs to create linkages between themselves, co-operatives and large co-operatives saying that it will help them in growing as businesses as well as sustaining the country’s economy.
“Isolated SMEs are finding it difficult to grow and join a network of other SMEs. It is commendable that Manicaland SMEs are linking to each other,” said the minister.
The Chairperson of the Manicaland Chamber of SMEs, Mr Moses Mwagura applauded the Minister for visiting the province and her tour to most of the province’s SMEs, saying it was an honour that Manicaland was one of the three provincial beneficiaries of the OPEC Fund and that as SMEs, they would put the funds to good use.
The country has over the years benefited from various loans from the OFID. In October 2015, OFID extended to Zimbabwe a $20 million loan facility for the construction of schools in the country’s rural areas as well as the provision of relevant school equipment.
