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NMB Bank obtained a $ 15 million line of credit for exporters as part of its efforts to increase exports, which are the country's largest source of foreign exchange.
led economic growth with various initiatives put in place to increase exports. President and Chief Executive Officer Benefit Washaya told exporters at a breakfast that the four-year credit line was facilitated by the bank's strong international participation and will serve to support foreign currency payments.
The facility can also be used to support part of your foreign currency payments, provided repayments are made in hard currency.
In terms of our interest, the four major shareholders Arise, African Century of the United Kingdom, AfricInvest and Old Mutual now control 60% of the bank. "
Arise is an investment vehicle by which FMO from the Netherlands, Norfund of Norway and Rabobank, also from the Netherlands, have pooled their investments in financial services in African countries.
FMO , which belongs to the Dutch government, is one of the largest bilateral private sector development banks in the world, with a portfolio of 9.2 billion euros in 85 countries, while Norfund, owned by the Norwegian government, has a portfolio of approximately $ 1.8 billion, of which 53% is in sub-Saharan Africa Africa
AfricInvest is a fund largely owned by European development finance institutions with 1.2 billion of badets under management in 25 African countries.
Mr. Washaya stated that the banking group committed to help exporters to access affordable financing.Lack of access to the marc hes and financing has been cited as one of the challenges facing exporters, especially small and medium-sized ventures.
"We are also ready to meet all your local loan needs at very competitive rates.
" We also have arrangements that help you access US dollars with the help of some of your export earnings, including the use of your pre-funded Visa card for your regional and international trips "Mr. Washaya said:
According to figures from the Reserve Bank of Zimbabwe ( RBZ), exports are Zimbabwe's largest contributor to foreign exchange earnings, while remittances from the diaspora make a significant contribution
to the country's foreign exchange earnings at a time when the industry has struggled against foreign exchange shortages to obtain key raw materials.
According to RBZ statistics, exports increased by 36 percent to $ 3.8 billion in 2017, compared to $ 2.8 billion dollars in 2016 through export incentives, one of the initiatives put in place to boost exports.
President and Cabinet (OPC), the government led the Export Business Facilitation as part of initiatives to identify key barriers to exports and find solutions to stimulate the export market. sector.
the initiative fast results to eliminate the bottlenecks that hinder export growth. At least all banks in the country have facilities to finance the export sector.
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