Lusaka, Zambia – The resilience of Zambia’s Small and Medium Enterprise (SME) sector has been met with government praise as it navigates the challenging landscape brought on by the drought. Small and Medium Enterprises Development Minister Elias Mubanga expressed his elation over the sector’s perseverance during a recent interview.
Despite the significant hurdles posed by drought-induced issues, such as power deficits, Mr. Mubanga highlighted that government interventions played a critical role in supporting SMEs. “Initiatives like solar and genset loans have been pivotal in alleviating some of the pressures on businesses, allowing them to continue operating and demonstrating remarkable resilience,” he noted.
Looking ahead, Minister Mubanga is optimistic that the anticipated normalization of rainfall patterns will ease the power challenges and pave the way for further growth in the SME sector. “With improved weather conditions, we expect to see SMEs thrive and contribute even more significantly to our economy,” he added.
Reflecting on the ministry’s achievements over the past three years, Mr. Mubanga proudly stated that the response to initiatives such as the Citizens Empowerment Economic Commission (CEEC) has been overwhelming. “The sheer number of business loan applications we’ve received is a testament to the vibrancy and potential of our SME sector,” he said.
As the ministry looks towards 2025, it promises to introduce more initiatives aimed at bolstering small businesses across the country. These efforts are part of a broader strategy to foster economic growth and ensure that SMEs remain a cornerstone of Zambia’s economic landscape.
