On Tuesday, Zambia launched a historic initiative to provide small and medium-sized enterprises (SMEs) with long-term financial and advisory services.
The new entity, named Growth Investment Partners Zambia, is a pioneering financing platform supported by the British and Swedish development finance institutions — British International Investment and Swedfund — along with Zambia’s National Pension Scheme Authority.
Over the next 15 years, the initiative is expected to deploy more than $300 million in support of approximately 150 SMEs across the southern African nation.
At the launch event, Zambian President Hakainde Hichilema emphasized the crucial role of SMEs in national development.
He expressed concern that, despite contributing around 70% of the country's GDP and accounting for over 80% of employment, SMEs continue to face significant challenges.