The Small and Medium Enterprises Development Institute (SMEDI) says it has formulated a new strategic plan aiming at addressing challenges faced by micro small and medium enterprises in the country.

SMEDI Chief Executive Officer Rodrick Chattaika disclosed this in Lilongwe during a meeting with the Parliamentary Cluster on Industry, Trade and Tourism and Media, Information and Communications.

According Chattaika, the strategic plan which will run for five years, will assist the micro small medium enterprises to have access to financial services amid rising challenges on the same.

“In our newly developed strategic plan, we would like to address challenges that micro small medium enterprises are facing for instance issues to do with financial access as you are aware that this has been a toll order,” said Chattaika.

And on his part, the Cluster`s Co-Chairperson Simplex Chithyola Banda said there is need to allocate adequate resources to SMEDI which he says it is performing well and link it up with other organisations.

“SMEDI is one of the subverted organisations that is doing quite well, we have heard from the projects that they are undertaking, and we are satisfied with the responses that they have furnished our Cluster,” appreciated Chithyola Banda.

The Cluster has since pledged to support SMEDI in appealing for additional funding allocation to facilitate on the extension of their projects in other districts.