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Small Businesses Get Machinery Under $18bn Stimulus Package

Some small to medium entrepreneurs were handed an assortment of machines under the ZWL$500 million Zimbabwe dollar COVID-19 stimulus fund to cushion small to medium enterprises (SMEs).

The ZWL$500 million is part of the ZWL$18 billion COVID-19 economic recovery and stimulus package announced by President Emmerson Mnangagwa in May.

Handing over various machines and materials to the women in Hopely suburb in Harare, secured under the ZWL$500 million dollar stimulus fund, the Minister of Women Affairs, Community, Small and Medium Enterprises Development, Sithembiso Nyoni said:

Most SMEs were not spared by COVID-19 and government has allocated 500 million Zimbabwe dollars under the stimulus fund. These are the fruits of the money, as you can see the SMEs are getting machinery to revamp their business, so this is the launch and the program will spread countrywide.

A breakdown of the ZWL$18 billion stimulus package made by the Finance Minister Mthuli Ncube in early May is as follows: Agriculture support ($6,08 billion), Working Capital Fund ($3,02 billion), Mining Sector Fund ($1 billion), SME Support Fund ($500 million), Arts Sector Fund ($20 million), Liquidity Release from Statutory Reserves ($2 billion), Health Sector Support Fund ($1 billion), Broad Relief Measures ($1,50 billion), Food Grant ($2,40 billion).

More: ZBC News

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