US$2m Afreximbank boost for exporters

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LIVINGSTONE MARUFU
Harare Receivables Exchange (Private) Limited (HRE) has received a US$2m facility from African Export-Import Bank (Afreximbank) to support local exporters.
This facility will allow HRE to support companies that are working to export their products and services to reliable customers across the world.
HRE seeks to provide transparent, efficient and secure working capital solutions; promoting Intra – African trade and integrating more Zimbabwean businesses into the global supply chain ecosystem.
HRE co-founder Tinashe Tamba believes that “the initial facility will enable Zimbabwean companies to focus on providing quality products and services while HRE waits up to 90 days for payment from their foreign customers”.
The facility is expected to go a long way in promoting the growth of local and international trade for Zimbabwe.
“We are really excited and encourage companies to utilise this efficient working capital finance option. There is scope to increase this facility and create specialised facilities for clients depending on their needs,” said Kanayo Awani, Managing Director of the
Intra-African Trade Initiative at Afreximbank and Chairman of the Africa Chapter of the Factors Chain International (FCI).
“This facility underpins the vital role of SMEs as suppliers and exporters within the fast expanding supply chains in Zimbabwe and the southern Africa region.”
Tamba said with a minimum turnover of US$16m over the two-year maturity period, the facility will greatly enhance HRE’s ability to provide liquidity to Zimbabwean SMEs and enable them to improve their cash flows.
As a member of FCI, a global leader in Receivables Finance with other member companies operating in more than 90 countries, HRE is a pioneer in the Receivables Financing in Zimbabwe and the region.
Afreximbank was established in October 1993 by African governments, African private and institutional investors, and non-African investors.
Since 1994, it has approved more than US$67bn in credit facilities for African businesses, including US$7,2bn in 2018.
Afreximbank had total assets of US$13,4bn as at December 31 2018.