Oscar J. Jeke- Zim Now Reporter
The European Investment Bank and Stanbic Bank Zimbabwe have announced the launch of a €20 million (US$21 million) credit facility aimed at supporting small and medium-sized enterprises in Zimbabwe.
The initiative focuses on empowering women entrepreneurs by providing long-term loans tailored to the needs of SMEs, particularly those owned or managed by women, employing a significant number of women, or offering services specifically for women.
This move aligns with the EIB’s commitment to the 2X Challenge, an initiative designed to increase women’s participation in the economy by improving access to finance, leadership opportunities, and quality employment.
The facility is backed by the European Commission and European Union member states through the African, Caribbean, and Pacific Trust Fund.
“The EIB Global support for these businesses will have a real impact on economic growth, jobs, and prosperity,” said Thomas Östros, EIB Vice President responsible for diversity and inclusion and operations in Southern Africa. “Backing women in business contributes to more sustainable and inclusive growth, strengthening communities.”
Solomon Nyanhongo, Chief Executive of Stanbic Bank, emphasised the bank’s commitment to driving meaningful change by empowering SMEs and women-led businesses.
“By supporting SMEs and enterprises owned or run by women, and those employing significant numbers of women, we are fostering economic inclusion and national development,” he noted.
The initiative complements broader efforts by the EU’s Global Gateway strategy to address investment gaps and promote inclusive economic growth. Jobst von Kirchmann, Ambassador of the European Union to Zimbabwe, highlighted the partnership’s alignment with Team Europe’s initiatives on gender equality and women’s empowerment, stating, “Investing in women is investing in Zimbabwe’s future.”
This development marks a significant step in the EIB’s renewed engagement with Zimbabwe, following a 22-year hiatus.
Since resuming lending in 2022, the EIB has collaborated with several local banks to enhance access to finance for SMEs and mid-cap companies.
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