Credit line

NMB secures US$10m line of credit -Newsday Zimbabwe

NMB Bank

FINANCIAL services company, NMB Bank, received a $10 million line of credit from the Eastern and Southern Trade and Development Bank (TDB) to finance exporters.

Over the past year, the institution has mobilized crucial lifelines to strengthen Zimbabwe’s productive sector.

NMB Bank says it relied on its strong international shareholder profile to secure funding.

“The line of credit will be deployed to support businesses with working capital requirements and capital expenditures enabling trade,” the company said.

The statement said priority would be given to sectors that strengthen Zimbabwe’s export base, increase foreign exchange earnings and support the expansion of employment in sectors such as agriculture, mining, hospitality and tourism, and manufacturing.

Speaking at the event, Gloria Mamba, TDB Group Executive, Coverage for Southern Africa, said: “The banks have been working together since 2010, when TDB provided the first line of credit to NMB Bank for corporates. general customers. In 2019, TDB and NMB partnered to help a local microfinance institution expand its lending to SMEs. It is important for us to continue this relationship with NMB in expanding and retooling the Zimbabwean economy.

Gerald Gore, CEO of NMB, said: “Our partnership with TDB has stood the test of time. This line of credit helps support our common goal of growth, sustainability and overall contribution to the development of the Zimbabwean economy. The facility provides much-needed support for our export entities to retool and support working capital to compete effectively on the global stage.

In Zimbabwe, TDB’s portfolio has supported the re-equipment of the economy, the availability of foreign exchange to support exports and inter and intra-African trade, through various projects and transactions in several sectors including manufacturing, health , agrifood, energy, as well as hotels and tourism.

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

TDB serves 23 economies, with a mandate to finance and foster trade, regional economic integration and sustainable development through trade finance, project and infrastructure finance and asset management.

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