CABS Secures US$90 Million in Development Finance ...

CABS Secures US$90 Million in Development Finance to Bolster Key Sectors and Social Impact

CABS targets NGOs in fresh deal -Newsday Zimbabwe — **CABS Managing Director Mehluli Mpofu**

CABS, a member of the Old Mutual Zimbabwe Group, has renewed its US$40 million financing facility with Afreximbank and expanded its line of credit with the Trade and Development Bank (TDB) to US$50 million, signaling a firm commitment to accelerating Zimbabwe’s economic recovery and community development.

The combined US$90 million in funding is being strategically deployed to support critical sectors, including agriculture, mining, and infrastructure.

CABS Managing Director Mehluli Mpofu said the initiatives are part of the institution’s broader mandate to stimulate job creation, expand the national tax base, and enhance food security.

“Our focus is on enabling production and value addition, particularly through support for importation of capital equipment and trade finance tailored to the unique needs of local businesses,” Mpofu said.

“We are also deepening our role in financial inclusion by strengthening our digital platforms and expanding lending solutions like EezyCredit and FlexiCredit.”

In tandem with its financial services innovation, CABS has maintained strong momentum on the corporate social responsibility front.

The institution rolled out cancer awareness campaigns, supported education and healthcare initiatives, and promoted environmental sustainability through tree-planting and conservation programs.

These efforts earned CABS a national ESG Award in 2024, recognizing its leadership in inclusive and sustainable development.

However, the institution reported a 54.8% drop in surplus to ZiG822.23 million, a decline attributed largely to the transition to the new functional currency, which impacted investment property valuations and foreign exchange gains.

Despite the financial headwinds, CABS remains bullish on Zimbabwe’s long-term prospects.

“We view these facilities not just as capital injections, but as catalytic tools to unlock broader economic value and shared prosperity,” said Mpofu.

As the financial landscape continues to evolve, CABS’ dual-pronged approach—grounded in both economic and social impact—positions it as a key player in Zimbabwe’s journey toward sustainable development.