JOHN CHAAMBWA
Lusaka
PRESIDENT Hakainde Hichilema has launched Growth Investment Partners (GIP) Zambia, a groundbreaking investment platform aimed at bridging the financing gap for small and medium-sized enterprises (SMEs).
And Mr Hichilema has called on partners under GIP to support joint ventures with vested interests to accelerate national development.
GIP Zambia is backed by commitments from British International Investment (BII), the National Pension Scheme Authority (NAPSA), and Swedfund.
The head of State highlighted the importance of SMEs, noting that they contribute over 70 percent of GDP and account for 88 percent of national employment.
GIP will provide long-term, flexible capital mainly in local currency to established Zambian businesses that have strong management teams, annual revenues and assets between US$100,000 and US$15 million, and financing needs ranging from US$500,000 to US$5 million.
Mr Hichilema welcomed the local currency loan structure of GIP, which he said reduces exchange rate exposure.
He encouraged the integration of technology in SMEs to improve productivity and competitiveness.
The President was speaking during the launch in Lusaka yesterday.
“SMEs are the backbone of our economy. The creation of the Ministry of SMEs and the development of multi-facility economic zones (MFEZs) are deliberate efforts by the Government to support their growth,” Mr Hichilema said…https://enews.daily-mail.co.zm/welcome/home
