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FINCORP HAS DISBURSED OVER E6.3 BILLION TO MSMEs

28 June 2022
Ntokozo Nkambule
  • Company states that about 15 000 jobs in the country are currently being supported by MSMEs financed by them
  • States that businesses they finance contribute about E1.5 billion to the country’s GDP
  • Company Group MD, Dumisani Msibi appeals to African countries to assist SMEs, by creating an enabling environment for them to thrive 

Photo Credit: https://www.fincorp.co.sz/

By Phesheya Mkhonta

The Eswatini Development Finance Corporation (FINCORP) has disclosed that it has disbursed a cumulative amount of E6.3 billion in loans to more than 80 000 Micro-Small and Medium Enterprises (MSMEs) over the past 26 years in the country.

The company revealed this in a Press Release to commemorate World MSME day, which is a day celebrated every year on the 27th June. The day is observed to recognize the contribution of this sector in the implementation of the Sustainable Development Goals (SDGs), and in promoting innovation, created, and sustainable work for everyone. The company notes that it acknowledges how tough it is to thrive in the MSME sector. “MSMEs are the central lifeblood of our economy, but the harsh reality is that these businesses bear the brunt of periods of economic uncertainty exacerbated by the COVID-19 pandemic and the riots” the company notes.

Furthermore, FINCORP notes that at the present moment about 15 000 jobs are being supported by MSMEs financed by FINCORP, and billions are in the hands of EmaSwati entrepreneurs. There is over E1.4 billion in the hands of EmaSwati entrepreneurs, including women and the youth who have been funded by FINCORP throughout the country and are developing themselves in various ways.

Lastly, businesses financed by FINCORP contribute about E1.5 billion to the Gross Domestic Product (GDP), which represents meaningful involvement in national economic activity” notes the Press Release issued by the company’s Brand Development & Communications Officer, Manqoba Makhubu.

“MSMEs are the central lifeblood of our economy, but the harsh reality is that these businesses bear the brunt of periods of economic uncertainty exacerbated by the COVID-19 pandemic and the riots”

FINCORP Group Managing Director Dumisani Msibi has also appealed to the World Body of SMEs to help African countries create an enabling environment for global SMEs in order for them to thrive. He observed this during his presentation where he had joined a Round Table Discussion hosted by the World Association of SME’s themed ‘ENABLING SMEs GROWTH IN PRESENTS TIMES’.

The development finance corporation further reiterated that they will continue supporting local MSMEs, which includes contributing to debates on MSME development, with a focus on youth and women and other vulnerable groups, among other focus areas.

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