NEW: US$15 million for local small and medium-sized enterprises

Online Reporter

ZIMBABWE’S small and medium-sized enterprises (SMEs) are set to benefit from a US$15 million facility that is coming through NMB Bank.

The facility was extended to NMB by the African Development Bank (AfDB) last week.

The NMB and AfDB collaboration is expected to unlock significant opportunities for Zimbabwean businesses, particularly SMEs and local corporates in the agriculture sector and its value chain.

Said AfDB country manager, Ms Moono Mupotola: “This is a significant step in supporting the growth and competitiveness of Zimbabwean businesses.

“By mitigating risk and facilitating access to trade finance, we are empowering SMEs and local corporates to participate more actively in regional and international trade.”

NMB chief executive officer, Mr Gerald Gore said the facility will contribute towards the country’s economic development.

“This facility will be instrumental in enabling NMB to provide crucial trade finance support to a wider range of Zimbabwean businesses.

“This will not only unlock new trade opportunities but also contribute to job creation and economic growth,” he said.