CBZ puts $159mln in SMEs

CBZ puts $159mln in SMEs

HARARE, March 15 (The Source) – Financial group CBZ Holdings says it has invested $156 million in small and medium-sized enterprises (SMEs) since dollarisation in 2009, with a current loan book of $37 million.

“Since dollarisation we have put an excess of $156 million into various smes activities in format of loans, training and other related. The performance by the SMEs has been good to an extent that of the $156 million we have extended since dollarisation we are sitting on a current book of $37 million with a default rate of less than one percent,” chief executive Never Nyemudzo told journalists on Wednesday.

Speaking at the same event Minister of Small and Medium Enterprises and Co-operation Development permanent secretary Evelyn Ndlovu said that government has set aside $15 million lines of credit in treasury bills to support SMEs.

Zimbabwe SMEs contribute 60 percent to the national gross domestic product (GDP) and employ about 80 percent of working adults but often lack better quality control, technology and skills.