NMB to boost agric exports with US$10m UK loan

Audrey Galawu

Assistant Editor

Gerald Gore email address & phone number | NMB Bank Limited Zimbabwe Chief Executive Officer contact information - RocketReach — **NMB Bank CEO Gerald Gore**

NMB Bank has secured US$ 10 million loan from UK based development finance institution, British International Investment, to finance agricultural production and sustainable farming in order to boost exports.

“The facility positions NMB Bank as one of the prime supporters of the agriculture sector’s sustainability efforts. This is the first Financial Services debt financing from BII in Zimbabwe, reflecting the organisation’s commitment to support the country’s banking sector,” announced BII on their website.

Focus of investment will be on climate-smart practices with 70% going to agricultural exporters for capital expenditure, infrastructure, and imports.

The other 30% will be channelled towards sustainable agriculture initiatives including renewable energy, energy efficiency and climate resilience capacitation.

NMB Bank CEO Gerald Gore said this development is set to create high impact.

“NMB Bank’s collaboration with BII is a significant development for Zimbabwe’s agricultural sector. We are excited to be the first bank in the recent past to benefit from such support from BII and this speaks to vision alignment between the two institutions and our desire to boost agriculture exports for the country. The $10 million commitment comes with a great focus on sustainability. This partnership has the potential to unlock significant growth opportunities within the agricultural sector, contributing to the nation’s economic prosperity,” said Gore.

The loan is for on-lending to exporting agribusinesses.

British Ambassador to Zimbabwe Pete Vowles said this is a harbinger of more partnerships between the two countries.

“We are very excited to see this new investment by BII, the latest in a long history of UK investment in Zimbabwe to grow businesses and economic opportunity. The focus on boosting agricultural exports and on sustainable agriculture aligns well with Zimbabwe’s national development priorities, and will help promote food security and exports, increase incomes, and strengthen resilience to climate change. My team and I are working to bring more UK investment to Zimbabwe, and this is an important step on our journey together,” said Vowles.

BII has said that the loan deliberately targets a key economic sector of the country and fits in with national development programming.

“Agriculture is the backbone of Zimbabwe’s economy. Through providing the much-needed capital through our partner NMB Zimbabwe, we are addressing the financing gap for agribusinesses for better and more sustainable economic output. This is aligned with the country’s priority to modernise and grow the sector, poised to provide better economic opportunities to the larger working population,” BII Managing Director and Head of Africa, Chris Chijiutomi, said.