The Growth Investment Partners -GIP Zambia- initiative, which is worth 70 million US dollars, has officially started and aims to help 150 Small and Medium Enterprises –SMEs- throughout the country.
This program is expected to invest over 300 million US dollars in the next fifteen years.
GIP Zambia is a collaboration that includes support from the UK’s investment arm, British International Investment –BII-, the National Pension Scheme Authority -NAPSA-, and the Swedish development finance institution, Swedfund.
During the launch, President Hakainde Hichilema stressed that the SME sector is important and should not be ignored, as the government works to grow the economy.
He pointed out that SMEs are crucial for any economy and need to be recognized and supported properly.
The President mentioned that his government’s dedication to SMEs is shown by the creation of the Ministry of Small and Medium Enterprise Development, which is the first of its kind in Zambia.
He also talked about the improved Constituency Development Fund, which now includes a skills development part, as another sign of the government’s ongoing support for SMEs.
President Hichilema expressed his hope that the GIP Zambia partnership will focus on technology, joint ventures, capital mobilization, and adding value.
He encouraged the partners of the program to quickly increase the 70-million-US-dollar investment to make sure it achieves its goals.
The President also thanked BII, NAPSA, and Swedfund for their help.
Additionally, Labour and Social Security Minister Brenda Tambatamba called the launch a clear example of how social security funds can significantly contribute to national development.
She mentioned that the success of this initiative will lead to broader social security coverage across Zambia.
British High Commissioner to Zambia, Rebecca Terzeon, said that through the GIP Zambia initiative, the UK and Zambia are dedicated to collaborating together.
