Nordic Development Fund hails Zimbabwean entrepreneurs

THE Nordic Development Fund (NDF) has commended Zimbabwe's entrepreneurs who have received the institution's support so far amid indications that more locals will be considered for funding in the near future.

Established in 1989, the joint multilateral development finance institution of Denmark, Finland, Iceland, Norway and Sweden has to date financed 190 development assistance credits valued at around EUR 1 billion.

Speaking to NewZimbabwe.com on the sidelines of a tour to assess the funded projects Wednesday, EEP Africa- NDF fund manager, Jussi Viding described the country's entrepreneurship " as very promising".

He is also in the country for a Supervisory Donors Board meeting currently underway in the capital of Harare.

"We are very impressed by the entrepreneurs who received our financing because it is actually these entrepreneurs who   will make it happen. They are on a mission to grow their businesses. While it takes time for them to scale the impact many of them have since produced very promising stories in the products they are bringing to the markets.

"They have contributed immensely in the value chains they operate by reducing the cost of doing business as well as diversifying their income opportunities. I have been impressed by their portfolio in Zimbabwe," he said.

The NDF top official said Zimbabwe has received such support since the year  in 2018 and revealed that there are currently five running  projects with each receiving amounts varying between  EUR 300 000 to 500 000 per project.

Viding indicated the desire to extend more support to local entrepreneurs with competent ideas in the near future.

"We call out for proposals because we provide financing through a competitive application process. This year we made a call and I think there will be three more that are now in the contracting phase projects being funded in Zimbabwe.

He added that the list will soon be finalised and the names of the qualifying companies will be publicized before the launch of the next call for proposals in February next year depending on the quality of the applications.

One of the beneficiaries of the NDF supported projects based in Domboshava, Pamela Kufinha (31) hailed the project for immensely transforming her life from a quarry stones crusher to a tricycle taxi driver who is now able to fend for her family's needs.

"The funded project has provided me with employment which has enabled me to pay fees for my four children and buy them food. It has just been a spring board which has made me believe that I can dive into the realm of great dreams," she said.