Andrew
Online Reporter
NMB Bank has unveiled a US$10 million line of credit from the Eastern and Southern African Trade and Development Bank (TDB) for support towards export-focussed sectors of the economy.
The facility has a three-year tenure.
NMB Bank chief executive officer Mr Gerald Gore said:
“This money is coming at favourable terms. One of the challenges in this market is how customers struggle to access long-term funding; this is why we have been going for lines of credit, because lines of credit come at fairly reasonable terms and also they are fairly long term.”
In June, the bank had a €12,5 million line of credit from the European Investment Bank to similarly support exporters.
It had a seven-year tenure and a two-year grace period.
The facility, however, has since been exhausted.
Online Reporter