TDB extends $10m trade finance to NMB Bank to support exporters in Zimbabwe
The Eastern and Southern African Trade and Development (TDB) has extended a 3-year $10 million trade finance line of credit to support NMB Bank’s corporate clients in export-focused sectors of the economy.
Michael Awori, CEO, TDB: ''As part of the Bank’s financial institutions strategy, TDB has successfully positioned itself to support local banks with lines of credit to intermediate key trade flows within and between the region and the rest of the world, which is much needed following the retreat of some international correspondent banks from the continent.''
In line with the Bank’s financial institutions strategy, this new facility to NMB will contribute to funding corporates with trade enabling working capital 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, tourism, and manufacturing.
Gloria Mamba, TDB Group Executive, Coverage for Southern Africa: ''TDB and NMB have been working together since 2010, when TDB availed a first line of credit to NMB for general corporate customers. In 2019, TDB and NMB came together to enable a local microfinance institution to extend its lending to SMEs. To deepen our relationship with NMB for the expansion and retooling of the Zimbabwean economy is important to us.''
In Zimbabwe, TDB’s interventions are enabling the transformation of the economy, increasing the availability of foreign currency to generate exports, and facilitating greater levels of inter and intra-Africa trade, through various projects and transactions in several sectors including manufacturing, healthcare, agribusiness, power, as well as hospitality and tourism.
Gerald Gore, CEO, NMB Bank: ''Our partnership with TDB has stood the test of time. This line of credit helps to support our shared focus on growth, sustainability, and overall contribution to the development of the Zimbabwean economy. The facility provides the much-needed support to our exporting entities to retool and for working capital support in order for them to compete effectively on the global arena.''