FINANCE, Economic Development and Investment Promotion minister Mthuli Ncube has urged local banks to partner the government to support its resource mobilisation efforts.
The call comes as Treasury coffers continue to be strained due to inconsistent foreign investments, corruption, growing social needs and a large informal sector that largely remains untaxed.
Speaking at CABS 75th anniversary celebrations last Friday in Harare, Ncube encouraged banks to continue seeking opportunities to support home-grown partnerships and economic development projects.
The celebrations were held under the theme: Celebrating 75 Years of CABS Helping you realise your dreams since 1949.
“Government through NDS 1, our National Development Strategy 1, is committed to focus on developing and reviving all sectors of the economy. In this regard, we desire to see a lot of collaborative efforts of our financial institutions in mobilising resources to achieve our goals,” Ncube said.
“I am aware that CABS, among other players, has been partnering us, particularly in resource mobilisation finance projects. Some of the finance projects include projects in the energy sector, including the US$50 million contribution from CABS to the ZETDC [Zimbabwe Electricity Transmission and Distribution Company] project for enhanced power distribution.”
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Ncube said government remained committed to creating a favourable business environment and urged CABS to support the vision.
Old Mutual Zimbabwe group chief executive officer Samuel Matsekete said the bank was committed to contributing to the development of the economy.
CABS is a subsidiary of Old Mutual Zimbabwe.
“Looking ahead, we remain committed to continuing to innovate and deliver solutions for our customers,” Matsekete said.
He added that the bank was going to consciously anchor itself on long-term sustainability.
“This is why for example, at Old Mutual, sustainable development goals, or SDGs, are not just a fancy term. They guide how we do business and how we seek to serve our customers and the communities we serve,” Matsekete said.
CABS managing director Mehluli Mpofu said the building society had written a great story over the years.
“It is a story of resilience, innovation and an unwavering commitment to this great country and its people. From humble beginnings on July 6, 1949, as a building society, focusing on mortgage loans and deposit accounts, CABS has grown and evolved. Today, it is a leading financial institution in Zimbabwe,” Mpofu said.
“As we look to the future, we are ready to redefine the boundaries of what’s possible in the financial services industry. Guided by our core values, focused on delivering exceptional customer experience and leveraging our greatest strength, our people, we will continue, with your support, to elevate the CABS brand.”
CABS has a strong reputation as a mortgage lender and has helped thousands of local families become homeowners.
Noteworthy projects undertaken by CABS include the development of 2 797 low-income houses in Budiriro, Harare, and developing and servicing 1 030 residential stands in Nkulumane and Pumula South in Bulawayo.