President Hichilema Launches $70 Million SME Growth Initiative to Drive Inclusive Economic Development
Zambia Launches $70M Growth Investment Partners Initiative to Support 150 SMEs and Mobilize $300M
President Hakainde Hichilema has officially launched the $70 million Growth Investment Partners (GIP) initiative, a transformative program aimed at empowering 150 small and medium enterprises (SMEs) across Zambia and the broader region.
Over the next 15 years, the initiative is expected to mobilize up to $300 million in investment dedicated to SME development and expansion.
The GIP initiative is backed by key partners including British International Investment (BII), the National Pension Scheme Authority (NAPSA), and Swedfund.
Together, these organizations are committed to unlocking long-term financing solutions tailored to the unique needs of Zambia’s SME sector.
Speaking at the launch event, President Hichilema underscored the critical role of SMEs in national development.
“SMEs contribute approximately 70 percent of our GDP and generate over 80 percent of employment. Despite their importance, access to affordable capital remains a major barrier,” he said.
The President urged GIP stakeholders to pursue collaborative and inclusive projects that will fast-track economic growth, reduce inequality, and promote entrepreneurship.
He also reaffirmed the government’s commitment to SME empowerment, highlighting the recent creation of the Ministry of Small and Medium Enterprises as a key pillar of Zambia’s broader economic reform agenda.
Marie Aglert, Chief Investment Officer at Swedfund, expressed strong support for the initiative. She emphasized that localized, flexible financing solutions are essential to helping SMEs withstand economic shocks and achieve sustainable growth.
“Through our investment in GIP Zambia, we’re offering local currency financing designed specifically to meet the evolving needs of Zambian SMEs.
This aligns with Swedfund’s wider strategy to deepen our impact in Zambia and the Southern African region,” Aglert said.
The GIP initiative represents a bold step toward strengthening Zambia’s private sector, enhancing job creation, and fostering long-term economic resilience across the country.
