Walter Nyamukondiwa
Mashonaland West Bureau Chief
THE Small and Medium Enterprises Development Corporation (SMEDCO) plans to raise US$10 million in 2027 to finance at least 500 fisheries operators, as Government seeks to close a 25 000-tonne gap between national fish production and demand.
The Fishing Commercialisation and Development Scheme is expected to benefit at least 15 000 households and generate about US$48 million in annual economic activity, according to SMEDCO projections. It is part of efforts to build a US$1 billion aquaculture economy.
Unlike the ongoing rig distribution programme, which targets cooperatives, the new scheme will also support individual operators, sole traders and companies in the fisheries value chain.
SMEDCO chief executive officer Mr Obert Ngwenya said the US$10 million was the initial funding requirement for 2027. He was speaking on the sidelines of the handover of fishing rigs to five cooperatives in Kariba last Friday.
“We have developed what is called a Fishing Commercialisation and Development Scheme, which is targeted at raising US$10 million in the first instance for 2027.
“What we are expecting under this scheme is that it should be able to finance and capacitate at least 500 beneficiaries. It will not be limited to cooperatives. Anyone operating in fisheries, whether at the individual level, as sole traders, cooperatives or companies, will be able to benefit,” he said.
Mr Ngwenya said annual fish production was estimated at 35 000 tonnes against national requirements of about 60 000 tonnes, leaving room for investment and import substitution.
The scheme is anchored in the corporation’s contribution to Vision 2030 and the National Development Strategy 2 (NDS2), which identifies aquaculture as a key growth sector.
The five rigs handed over in Kariba, together with four already distributed in Binga, form the pilot phase, which SMEDCO is using to build a foundation for wider financing and commercialisation.
The handover, led by Minister Monica Mutsvangwa, fulfilled a promise she made during her first visit to Kariba a year ago, said Zimbabwe Cooperative Federation president Mr Mike Duru.
He said the rigs would support cooperative fishing ventures while promoting sustainable fishing practices.
“As cooperatives, we must pursue that national vision by fully participating in all economic sectors with a bias on value addition and beneficiation. This means that we have to modernise our cooperative enterprises under the NDS2, and it will be done through proper planning and implementation,” he said.
Mr Duru said the investment would raise output to meet local demand and supply export markets.
“Quantities of production will increase, thereby meeting the Zimbabwean demand for fish and for export. There is going to be job creation and better quality of matemba. People’s lives are going to change for the better,” he said.
To fund the scheme, Mr Ngwenya said SMEDCO was working to grow its balance sheet and disbursement capacity to at least US$100 million. While Government continues to provide support through Treasury, he said the corporation was exploring alternative funding sources given the limited fiscal space.
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