CABS, Afreximbank sign US$40m finance facility

Zim Now Writer

The African Export–Import Bank has signed a term sheet for a $40 million three-year trade finance facility with a key commercial bank in Zimbabwe, the Central Africa Building Society.

The deal aims to support the productive sectors in Zimbabwe.

The signing ceremony took place late last week on the second day of the third Intra-African Trade Fair (IATF2023) taking place in Cairo, Egypt from November 9-15.

Afreximbank’s executive vice president for finance, administration and banking services, Denys Denya, signed the agreement with Mehluli Mpofu, managing director at CABS.

The agreement is integrally designed to increase the capacity in Zimbabwe’s agriculture, mining, and manufacturing sectors.

The deal is expected to impact around 573 small and medium-sized enterprises over the three-year tenure, with 75 percent of these businesses made up of women and the youth in the country.