HARARE – Zimbabwe has availed a US$5.9 million facility for Micro, Small and Medium Enterprises (MSMEs), ENN reports. The financial facility will carry an interest rate of 30% per annum and was approved by the Reserve Bank of Zimbabwe.

This development comes as a recommendation from the central bank’s Monetary Policy Committee (MPC) and is aimed at stimulating economic growth for MSMEs. The RBZ said the facility would be accessed through various financial institutions.

“The RBZ approved a facility of ZWL$500 million for term finance for micro, small and medium enterprises which the MSMEs will access from banks and micro-finance institutions at 30% per annum for purposes of enhancing production and productivity across all the sectors of the economy”, said central bank governor John Mangudya. Mangudya assured MSMEs of government support in accessing their foreign currency requirements as the apex bank resumes to fund Bureau de change operators for the benefit of MSMEs and individuals.