By Udeme Akpan
African Export-Import Bank (Afreximbank) has concluded financing facilities totaling US$190 million for CBZ Bank Limited of Zimbabwe, which is expected to support Zimbabwe’s economic growth.
In three separate facility agreements, signed in El Alamein, Egypt, by Haytham Elmaayergi, Executive Vice President, Global Trade Bank, Afreximbank, and Valeta Mthimkhulu, Managing Director, CBZ Bank Limited. The facilities aim to strengthen CBZ Bank’s capacity to provide financing products to companies across Zimbabwe.
The first facility is a US$150-million revolving trade finance facility for CBZ Bank Limited, enabling it to provide funding and letters of credit support to companies in Zimbabwe, helping bridge the trade finance gap in Africa.
A second facility, a US$20-million dual-tranche SME finance facility, will support CBZ Bank Limited by strengthening its capacity to support Small and Medium Enterprises (SMEs) engaged in trade and other trade-related activities. It is expected to strengthen CBZ Bank’s capacity to support SMEs through financing products and capacity building.
