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Precious Manomano Herald Reporter

About 2000 individuals have received $US500 000 each from a $500 million loan facility drawn from the Reserve bank of Zimbabwe (RBZ) spearheaded by the foreign currency auction system to boost their businesses.

The programme was meant to help small to medium enterprises (SMES) to recover from the Covid-19 pandemic.

Speaking in an interview after touring the businesses, Minister of Women’s Affairs , Community and Small to Medium Enterprises Development Dr Stembiso Nyoni said it was vital to capacitate businesses to enable them to realise the full potential and contribute significantly to economic development.

“You were really affected by lack of foreign currency and other resources necessary for the growth of the businesses but with this support, you are able to import raw materials and machinery.

“ Some of the products which we see in local shops are from local manufacturers and I’m happy to see young people driving the economy and doing wonders like this,” said Dr Nyoni.

One of the beneficiaries from Chitungwiza Mr Adolf Chirimuta, the Managing Director of Purity Trading Company who is in the milling business said he benefited a lot from the initiative and promised to continue working hard for the betterment of the country.

“Yes I benefited from this initiative with the support of the Government but our challenge is space, we do not have enough land to do our production so we are appealing for you to talk to the local authorities so that they avail proper land to conduct our businesses in conducive environments,”said Mr Chirimuta.

Another beneficiary Mr Obert Zhanje from Masasa who specialises in timber processing is also promising to support the nation by working hard so as to be able to supply finished products such as wardrobes and kitchen units.

“Currently l am supplying my products countrywide, and l acquire most of my raw materials outside the country so l am really grateful with the support from the auction floor,” he said.

SMEs have over the years been contributing significantly to the country’s gross domestic product although most have taken a nose dive from the national lockdown imposed to help slow the spread of Covid-19.