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Barclays sets up $20m fund for SMEs

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Barclays Bank Zimbabwe limited has set aside $20 million under a fund aimed at providing loans to Small and Medium Enterprises. The bank currently has a total of 5 000 SMEs on its books. Speaking at a young business journalist training programme, Barclays Bank Zimbabwe commercial director Lawrence Nyazema said the fund is meant to capacitate SMEs. He added that some SME’s are failing because they do not have economies of scale. Government believes SMEs are playing a key role in the economy, employing about 60 percent of the country’s workforce and contributing about 50 percent of the country’s Gross Domestic Product. – Herald

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