Online Reporter
Nelson Gahadza, Zimpapers Business Hub
THE African Export and Import Bank (Afreximbank) is working to more than double lines of credit to CBZ Bank to US$500 million from about US$200 million, to support the Zimbabwean economy.
The pan-African bank has a significant presence and commitment in Zimbabwe and is building the Afreximbank Africa Trade Centre (HAATC) in Harare to facilitate intra-African trade.
In addition, the bank has a long history of providing financial support to Zimbabwe through economic schemes, including, recently, a facility for the fertiliser industry to improve foreign currency liquidity.
Afreximbank director of clients Mr Andrew Masuwa, told a CBZ Thought Leadership breakfast meeting on Tuesday that the bank has provided lines of credit to CBZ exceeding US$200 million for trade finance.
“The CBZ Bank mentioned that it has close to US$200 million of financing from Afreximbank, but what they did not say is that we are working hand-in-glove to take that to US$500 million in terms of financing,” he said.
Mr Masuwa said Afreximbank’s mandate was to work through local banks because it cannot do it all alone.
“In fact, out of the 52 countries that we are now covering, in certain markets, we do not have the presence that we have here and the certain advantages that it creates by having face-to-face interaction.
“We actually depend on local banks, so as we continue to intervene in Zimbabwe, CBZ has done many transactions with us,” he said.
Mr Masuwa said in terms of the opportunities for economic development for Zimbabwe, the bank was funding various projects and extending lines of credit to other local banks.
“We are supporting industrial park development and special economic zones, and we are saying even locals can find themselves within this space of economic zone and take advantage of the incentives that exist,” he said.
The bank has also funded entities such as the Mutapa Investment Fund (MIF)’s US$125 million facility for fertiliser production for the 2025/2026 farming season.
In June last year, at the Afreximbank Annual Meetings, Afreximbank provided a US$60 million line of credit and a US$20 million Afreximbank Trade Facilitation Programme (AFTRAF) facility to CBZ Bank.
