First Capital Bank seeks new lines of credit

Online Reporter

FIRST Capital Bank says it has engaged the African Development Bank (AfDB) and the Trade Development Bank (TDB) for new lines of credit.

The financial institution said it had registered significant drawdowns from previous facilities, including an 81 percent drawdown from the European Investment Bank facility to the tune of €12,5 million and a 30 percent drawdown from a US$20 million facility from the African Export-Import Bank (Afreximbank).

According to First Capital Bank, the funding was mainly directed at providing capital-funding relief to various medium-sized businesses in the country.

“The €12, 5 million European Investment Bank line of credit was 81 percent fully drawn during the period under review,” said the bank’s chief executive officer, Mr Tapera Mushoriwa, in a statement accompanying the bank’s results for its financial year ended December 31, 2023.

“A further US$20 million line of credit has been mobilised with the Afreximbank, with US$6m already drawn down as at 31 December 2023.

“The Bank continues to engage various financiers for additional lines of credit, with African Development Bank and Trade Development Bank at varying stages.”