News:NMB Bank receives $15 million line of credit for SMEs

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<vote /> Development financial institutions, FMO of the Netherlands and Swedfund of Sweden have agreed to provide NMB Bank with a $15 million line of credit for lending to small and medium enterprises (SMEs). FMO, which is partly owned by the Netherlands government, and Swedfund, which is the Swedish Government’s development finance institution, signed the loan agreement with NMB Bank on 26 September at a ceremony in the Netherlands.

The line of credit, which is for four years, is intended to enable NMB Bank to provide much needed support to Zimbabwe’s SME sector. The bank will particularly target specific disadvantaged groups by, for instance, lending to small or medium businesses run by women. NMB Bank Chief Operating Officer Gerald Gore, who signed the agreement on NMB’s behalf, said,

We are excited about this development. It will certainly go a long way in supporting economic growth in the country. SMEs are the backbone of the Zimbabwe economy and as NMB we have been aggressive in sourcing cheaper and long-term finance to support this critical sector of the economy. Further, the line will also provide the much-needed nostro funds to support critical imports by our customers.



FMO is one of the shareholders in NMBZ, the holding group that owns NMB Bank. Besides FMO and Norfund, other NMB shareholders include AfricInvest of Tunisia, African Century of the United Kingdom and Old Mutual, which together with FMO and Norfund own about 60 percent of the bank.

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