NMB Bank, Proparco ink US$25m deal
LIVINGSTONE MARUFU
Financial services provider, NMB Bank Zimbabwe Limited and Proparco, a French Development finance institution, yesterday signed a US$25m loan agreement in the capital Harare, Business Times can report.
The facility includes a US$15m credit line, a US$5m EURIZ portfolio guarantee, and a US$5m trade finance guarantee, targeting Zimbabwe’s SMEs, the agriculture sector, women entrepreneurs, and local importing and exporting businesses.
Speaking at the signing ceremony yesterday, Gerald Gore, the NMBZ Holdings Group CEO said: “Our partnership with Proparco has stood the test of time. This line of credit reaffirms our shared focus on growth, sustainability, and overall contribution to the development of the Zimbabwean economy.
“The facility provides much-needed support to our exporting entities to retool and for working capital support to compete effectively in the global arena. The credit line comes at a time NMB Bank has been working on growing its agribusiness sector and a specific focus to support women-run businesses, the youth, and businesses that enhance social services”.
Steven Gardon, Regional Director for Southern Africa at Proparco, weighed in saying: “We are very pleased to be working once again with NMB, a Proparco client since 2014, in supporting a range of high-impact sectors and segments in Zimbabwe. This financing aligns with our strategic priority of investing in a sustainable and resilient economy. We are also very proud of NMB’s focus on strengthening the economic role of women”.
