Zimbabwe: NMB gets $15m line of credit to support SMEs
The line of credit is funded FMO and Swedfund.Development financial institutions FMO and Swedfund have agreed to provide NMB Bank with a $15 million (€13.4 million) line of credit for lending to small and medium-sized enterprises (SMEs).
The line of credit, which is for four years, will in particular target medium businesses run by women.
"SMEs are the backbone of the Zimbabwean
economy and as NMB we have been aggressive in sourcing cheaper and long-term finance to support this critical sector of the economy," said NMB Bank Chief Operating Officer, Gerald Gore, quoted by The Herald.
"Further, the line will also provide the much-needed funds to support critical imports by our customers," he added.
SMEs play a key role in the Zimbabwean economy, employing about 60 per cent of the country's workforce and contributing about 50 per cent of the country's Gross Domestic Product.