Report of the Auditor-General on the Support of Micro, Small and Medium Enterprises by the Small and Medium Enterprises Development Corporation

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EXECUTIVE SUMMARY
Small and Medium Enterprises Development Corporation (SMEDCO) is a parastatal under the Ministry of Women Affairs, Community, Small and Medium Enterprises Development. SMEDCO was established by Section 3 of the SME Act [Chapter 24:12]. The parastatal is a development finance institution mandated by the SME Act, [Chapter 24:12] to promote and develop Micro, Small and Medium Enterprises (MSMEs) in Zimbabwe, whether operating in the formal or informal sector of the national economy, for sustainable development. SMEDCO  achieves the mandate through encouraging and assisting in the establishment of Micro, Small and Medium Enterprises (MSMEs), providing financial assistance, management counselling, training, information and advice to these MSMEs. In addition, SMEDCO facilitates the establishment or sets aside premises or areas for the establishment and development of particular classes of MSMEs.
Apart from the SME Act [Chapter 24:12], the Corporation is also governed by the provisions of the Corporate Governance Framework (CGF) for State Enterprises and Parastatal of November 2010. The Corporate Governance Framework provides for transparency in corporate structures, operations, as well as reducing opportunities for role conflict among key stakeholders namely the Shareholders, Board and Management.

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