LIVINGSTONE MARUFU
Financial services group, NMBZ Holdings Limited, is aggressively looking for new lines of credit for on-lending to exporters, group CEO, Gerald Gore has said.
It comes after NMBZ secured more than US$120m in lines of credit in the past decade.
Gore said NMBZ will leverage its close relations with foreign shareholders.
“We have accessed over US$120m in credit lines in the past 10 years and we are pushing to get more credit lines in the next few years to help exporters who are earning forex for the country.
“We have a €12.5m loan from the European Investment Bank (EIB) but it has been drawn down and the US$10m from the Eastern and Southern African Trade and Development Bank (TDB), which we signed last week is not enough given the exporter’s list we have,” Gore said.
“If we could get another US$20m from TDB and the same amount from another partner, this will go a long way in serving a long list of hungry exporters that are ready to increase their capacity to earn more forex for them and the whole economy,” Gore said.
He added: “There is a huge list of exporters who are yet to benefit from these facilities hence the need for applying for another credit line.”
Gore said priority would be given to sectors that enhance Zimbabwe’s export base, increase forex revenue and support expanded employment in sectors such as agriculture, mining, hospitality and tourism, and manufacturing.
He said the group would offer attractive rates that allow the clients to repay on time.
Gore said the international connection has helped the institution during the trying times and this has helped it to keep afloat.
Arise, African Century and AfricInvest and their network of banks in Africa are expected to help NMBZ to get credit lines.
Arise is headquartered in Cape Town but it is registered in the Netherlands and owned by three institutions—FMO, Rabobank and Norfund.
FMO is the developmental bank in the Netherlands which is owned by the government with total assets worth about €9.6bn.
The second shareholder is Rabobank in the Netherlands which is one of the three biggest banks in that country.
There is also Norfund, which is owned by the Norwegian government and its purpose is to support the private sector in developing countries.
Arise is a shareholder in the Ecobank group, Equity Bank in Kenya, Zanaco in Zambia, NMB Tanzania, DFCU in Uganda, Calbank in Ghana and two banks in Mozambique, Gore said.
