CBZ has managed to secure $220 million credit from four major financiers. The money is targeted at low costs housing project and small to medium enterprises (SMEs). Trade and development bank provided $104.5 million while Afrexim provided $22.35 million. $36 million will be specifically targeted for SMEs as CBZ is increasing its investment portfolio in the informal business sector to promote the sector to full capacity. These long term funds are key to solving challenges that have risen due to lack of long term financing in manufacturing, mining and agriculture which cannot operate on short term financing basis. CBZ has pledged perpetual landing of off shore funds with low interest rates. CBZ also highlighted that the capping of interest rates at 12% by the Reserve Bank of Zimbabwe is a cause of concern. CBZ is the country’s largest lender financing various sectors since the dollarization era and has launched housing many housing projects.
More: Sunday Mail
A note from StartupBiz Zimbabwe: Everyday we send business updates via Whatsapp. Click the link to join: https://chat.whatsapp.com/GIu9i7I8bm9GhpyPKgsk59 or send the word join via Whatsapp to +263778798072 (Whatsapp us by clicking the link https://wa.me/263778798072).