The Zambia Export Development Fund (EDF), managed by the Zambia Development Agency (ZDA), has secured a total of US$29 million to support the growth of non-traditional Zambian companies and Small and Medium Enterprises (SMEs).
The ZDA announced this in a statement released on Monday, August 2, 2024, emphasizing the importance of this financial boost for the country’s export sector.
The majority of the funding, US$25 million, was recently raised from development finance institutions, along with contributions from other funders and investors.
This financial increase aims to enhance the fund base, enabling more businesses to access affordable financing, particularly those led by women and youth.
The EDF’s goal is to strengthen Zambia’s export base by providing essential support to SMEs and firms.
To access the fund, businesses must meet specific criteria, including being incorporated or registered, demonstrating a viable transaction with established counterparties, and supporting women and youth empowerment initiatives.
The EDF also requires evidence of profitability, job creation, and foreign exchange earnings from applicants, ensuring that the funds contribute effectively to Zambia’s economic development.
