GOVT HAPPY WITH SME SECTOR RESILIENCE IN 2024 DESPITE IMPACT OF DROUGHT
Small and Medium Enterprises Development Minister Elias Mubanga is elated that the Small and Medium Enterprise-SME-sector has shown resilience this year despite the impact of the drought on various small businesses across the country.
In an interview with Phoenix News, Mr. Mubanga acknowledged that drought induced challenges such as the power deficit made business difficult for SMEs but that through government’s support under his ministry, initiatives such as solar and genset loans alleviated some businesses and enabled them to be more resilient.
He is hopeful that with the expected normalizing of the rainfall pattern, the power issue will be resolved and SMEs will experience growth.
And Mr. Mubanga says his ministry has performed well in the last 3 years since its establishment as evidenced by the response of the sector in schemes such as the Citizens Empowerment Economic Commission-CEEC which has been overwhelmed by the number of business loan applications.
He says going into 2025, there will be more initiatives aimed at supporting small businesses across the country in a bid to further grow the sector and support the overall economic growth.
PN