HARARE, Feb 5 (NewsDay Live) - FINANCIAL juggernaut, CBZ Holdings Limited (CBZ) has secured a US$50 million facility from the African Export Import Bank (Afreximbank) to support short-term financing requirements of the group’s bank.
CBZ signed the agreement with Afreximbank in Cape Town, South Africa, Wednesday.
The financing will be extended to corporates with particular emphasis on exporting entities involved in trade-related activities.
These include agro-processing, energy, telecommunication, manufacturing, mining, tourism and transport.
This strategic collaboration is a significant and major milestone for Zimbabwe as it seeks to unlock trade financing and stimulate its related business activities across the various sectors of the economy.
CBZ chief executive officer Lawrence Nyazema said the funding would go a long way in boosting liquidity in the market.
“As CBZ, we are committed to driving success of economic growth and development of our country,” he said.
CBZ set a goal to raise US$500 million in credit lines this year to tackle the country’s liquidity challenges and support economic growth.
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The initiative comes after the financial institution last year mobilised US$115 million for on-lending to sectors of the economy.
However, this was not enough to meet the economy’s demands, according to Nyazema.
The banking group’s move is part of broader efforts to mobilise resources for the economy, leveraging its strong balance sheet and reputation as a leader in the financial services sector.
