The small and medium scale enterprises (SMEs) are the new economy, not only have they driven development and a regeneration of fortunes, they have also achieved that status through lots of support.

Both government and the banking sector have committed themselves to fully assist the SMEs.

The Bankers Association of Zimbabwe (BAOZ) says it will walk with the SMEs in their quest to expand and be major drivers of the economy.

BAOZ is optimistic that with the correct financial packages availed to the SMEs, there will be significant growth.

The new economy is the SMEs sector says Minister of Small and Medium Enterprises and Cooperative Development Sithembiso Nyoni.

“The only prescription which both government and the businesses themselves must take is that of realising their role has grown bigger to an extent where they will drive Zimbabwe’s economy tomorrow,” Minister Nyoni said.

Past experiences have sometimes exposed mismanagement of such facilities with emerging entrepreneurs diverting funds towards other ventures or in certain cases the facility being hijacked by the wrong hands.

The BAOZ thus note, it is not just about giving funding only but recommends a lot of capacity building initiatives to modernise the SMEs players in the new economy.

According to the International Monetary Fund, Africa’s continued growth despite a global recession in the last two years is attributed to the role of SMEs.

Around 80 percent of the region’s employment, establishing a new middle class and fuelling demand for new goods and services has risen and the positive discourse is attributed to African governments’ commitment to supporting the sector.