By ETimes
HARARE – CBZ Bank has secured a US$20 million line of credit from the Trade and Development Bank Group (TDB Group) to support Zimbabwe’s productive sectors and boost exports.
According to CBZ Group Chief Executive Lawrence Nyazema, the facility aims to create repayment capacity and ensure foreign currency availability.
“The reason we are targeting exporters is we want to create repayment capacity… Being able to fully repay facilities and lines of credit is important, not only to CBZ, but to the rest of financial institutions,” he said.
Nyazema described the facility as “fairly flexible,” with a short-term working capital component of up to one year and a medium-term capex facility of up to three years.
“We will ensure that the Zimbabwe economy in general benefits.”
TDB’s CEO, Michael Awori, emphasized their commitment to supporting corporates.
“We have been providing financing to financial institutions… We are also supporting the private sector directly… And we are looking to deploy more funding to corporates.”
This partnership, which began in 2007, has previously seen CBZ Bank access at least US$200 million in lines of credit from TDB.