World Bank, PEP to spend US$ 105,000 training SMEs

World Bank, PEP to spend US$ 105,000 training SMEs
By Fridah Zinyama
Friday May 16, 2008 [04:00]

WORLD Bank resident representative Dr Kapil Kapoor has said there is need to increase local participation through Small and Medium Enterprises (SMEs) if the country’s economy is to grow. And Development Bank of Zambia (DBZ) managing director Dr Abraham Mwenda said the World Bank’s International Financing Corporation (IFC) and the Private Enterprise Partnership (PEP) for Africa had set aside US$ 105, 400 for the training programme that would help to improve the skills of SMEs in the country.

Signing the memorandum of understanding (MoU) between DBZ and World Bank’s International Financing Corporation’s (IFC) PEP Africa, Dr Kapoor said Zambia’s economy was growing rapidly and needed the input of the local people.

“It is important to note that the SME sector has challenges which have hindered it from fully participating in the economy,” he said. “Most of them lack skills in writing business proposals which can assist them in accessing the much needed finances.”

Dr Kapoor said the signing of the MoU between the two parties would enable the SME sector to receive the much needed skills training that it needs.

And Dr Mwenda said the signing of the MoU would provide the required expertise for the 20 SMEs initially and entrepreneurships skills development for 35 participants that had been selected for the training programme.