Zimbabwean companies sharply increased their reliance on foreign credit in 2025, tapping US$3.53 billion in offshore loans — a 43% surge from US$2.46 billion in 2024 — as firms sought more affordable and longer-tenure financing outside the domestic market.
According to the Reserve Bank of Zimbabwe, “The private sector accessed offshore loans amounting to US$3.53 billion in 2025, representing an increase of 43% from US$2.46 billion in 2024.”
Agriculture remained the largest recipient of offshore funding, accounting for US$1.31 billion (37.1%) of total external loans in 2025.
However, its proportional share declined from 53.2% in 2024, reflecting diversification in borrowing across other productive sectors.
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Mining and quarrying recorded a significant jump to US$804.3 million (22.8%), up from US$443.3 million the previous year.
Manufacturing posted one of the strongest increases, climbing to US$550.2 million (15.6%) from US$138.7 million (5.6%) in 2024 — signalling renewed offshore appetite for industrial recapitalisation.
Within agriculture, foreign merchant financing of tobacco continues to anchor external funding flows, while capital is increasingly extending into export-oriented segments such as horticulture.
The central bank data shows total private sector offshore loans reached US$3,526,452,079 in 2025, compared to US$2,462,069,607 in 2024, underscoring a structural financing shift as firms navigate domestic liquidity constraints and elevated borrowing costs.
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