Africa-Press – Eswatini. The Eswatini Development Finance Corporation (FINCORP) has financed the first solar power generation projects.
These projects had already improved both the financial and economic viability of the beneficiaries.
FINCORP Group Managing Director, Dumisani Msibi, said financing the projects was part of their efforts to diversify portfolio.
He said it was also in response to the surging electricity costs following the introduction of value added tax (VAT) and the constant fear of possible load shedding in the country owing to the electricity supply crisis in South Africa, which supplied about 80 per cent of the country’s electricity needs.
Msibi said micro small and medium enterprises (MSMEs) activities were spread throughout the country, yet very few were successful in growing their businesses beyond start up levels.
He said many constraints played a role including financial, technical, and informational barriers.
“We provide that missing link through the provision of meaningful accessible financial services. FINCORP has to date, provided access to financial services to thousands of SMEs and individuals across all economic sectors, which makes a meaningful contribution to economic growth,” he said.
The MD said they strongly believed that FINCORP was playing a significant role in the development of finance initiatives in the Kingdom.
“We are not a bank, so all our customers keep their accounts with local banks.
“All the annual disbursements in excess of E80 million that we make are done through the local banking system.
“In many cases, projects that we have financed also access banking services such as overdrafts and forex transactional support. We wish to take this opportunity to appreciate all the stakeholders who continue to partner with us on several fronts, particularly the local and international funding organisations.
These include as previously mentioned the African Development Bank (AfDB), European Investment Bank (EIB), and Norsad Capital. We are also grateful to local funding partners including banks, asset managers, pension funds, and the corporate sector for availing funding through the Eswatini Stock Exchange (ESE).”
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