FINANCIAL services firm, NMB Bank has received a US$10 million line of credit from the Eastern and Southern Trade and Development Bank (TDB) to fund exporters.
The institution has in the past year been mobilising crucial lifelines to bolster Zimbabwe’s productive sector.
NMB Bank says it has been leveraging on its strong international shareholder profile to get funding.
“The credit line will be deployed to support corporates with trade-enabling working capital needs and capital expenditures,” the firm said.
The statement said priority would be given to sectors that enhanced Zimbabwe’s export base, increase forex revenue and support expanded employment in sectors such as agriculture, mining, hospitality and tourism, and manufacturing.
Speaking at the event, Gloria Mamba, TDB group executive, coverage for southern Africa, said: “The banks have been working together since 2010 when TDB availed the first line of credit to NMB Bank for general corporate customers. In 2019, TDB and NMB came together to support a local microfinance institution extend its lending to SMEs. Continuing this relationship with NMB in the expansion and retooling of the Zimbabwean economy is important to us.”
Gerald Gore, NMB CEO, said: “Our partnership with TDB has stood the test of time. This line of credit helps to support our shared focus on growth, sustainability and overall contribution to the development of the Zimbabwean economy. The facility provides the much-needed support to our exporting entities to retool and for working capital support in order for them to compete effectively on the global arena.”
In Zimbabwe, TDB’s portfolio has been supporting the retooling of the economy, availability of foreign currency to support exports, and inter- and intra-Africa trade, through various projects and transactions in several sectors including manufacturing, healthcare, agribusiness, power, as well as hospitality and tourism.
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Established in 1985, TDB is a multilateral, treaty-based, investment-grade development finance institution with 44 sovereign and institutional shareholders and assets of US$8 billion.
TDB serves 23 economies, with the mandate to finance and foster trade, regional economic integration and sustainable development through trade finance, project and infrastructure finance, and asset management.
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