NMB, TDB in US$10m deal

Zim Now Writer

Leveraging on its strong international shareholder profile, NMB Zimbabwe has signed a US$10 million three-year line of credit facility with the Eastern and Southern Trade and Development Bank (TDB) aimed at supporting clients in export-focused sectors of the economy.

In a statement, NMB said the credit line will be deployed to support corporates with trade-enabling working capital needs and capital expenditures.

“Priority will be given to sectors that enhance Zimbabwe’s export base, increase forex revenue and support expanded employment in sectors such as agriculture, mining, hospitality and tourism, and manufacturing,” it said.

NMB Bank Limited is the principal subsidiary of NMBZ, an investment holding company listed on the Zimbabwe Stock Exchange.

Speaking during the signing ceremony, NMB Bank chief executive officer, Gerald Gore, said that the line of credit will help grow the country’s economic growth.

“This line of credit helps to support our shared focus on growth, sustainability, and overall contribution to the development of the Zimbabwean economy,” he said.

TDB was established in 1985 and is a multilateral, treaty-based, investment-grade development finance institution, with 44 sovereign and institutional shareholders and assets of US$8 billion.

It serves 23 economies in its region, with the mandate to finance and foster trade, regional economic integration, and sustainable development through trade finance, project and infrastructure finance, and asset management.

TDB group executive, coverage for Southern Africa, Gloria Mamba, said the banks have been working together since 2010.

“To continue this relationship with NMB in the expansion and retooling of the Zimbabwean economy is important to us,” she said.

TDB has been supporting the retooling of the economy, availability of foreign currency to support exports, and inter and intra-Africa trade, through various projects and transactions in several sectors in Zimbabwe, including manufacturing, healthcare, agribusiness and power among others.