NMB plans to increase credit lines

Sikhulekelani Moyo, Business Reporter

NMB Zimbabwe has indicated it plans to raise credit lines to fund export-oriented production sectors in its drive to support the growth of the Zimbabwean economy.

In a statement accompanying its end-of-year financial results for the period ended December 31 2022, NMB said the operating environment is expected to remain challenging but also with some pockets of growth opportunities.

“Raising credit lines remains a key focus area as we continue to fund export-oriented productive sectors of the economy as part of our drive to support the growth of the Zimbabwean economy,” said NMB in a statement.

“The bank was successful in raising lines of credit in the previous year and we are looking forward to drawing on more lines.”

In June last year, NMB launched a US$13,4 million European Investment Bank (EIB) facility to assist Bulawayo businesses that are involved in exports and expressed eagerness to scale up funding to capacitate their ventures.

The EIB extended the loan to NMB Bank as part of its private-sector lending initiative for Zimbabwe.

The loan facility, which has a tenure of seven years, is available in United States dollars through the existing NMB branch network and will be in the form of short, medium, or long-term.

The bank is working on supporting the private sector including exporters in key areas of the economy with the right type of funding and the focus of the funding facility is to support agriculture, horticulture, and manufacturing exporting clients.

Zimbabwe has been recording growth in exports and this comes following the Second Republic led by President Mnangagwa intensified efforts to steer export-led economic growth and inclusive participation in industrialisation.

Meanwhile, the Corporate Social Investment thrust of NMB Bank Limited during the period under review was directed toward the development of children, women in business, and vulnerable members of society.
“In 2022, the bank introduced the Skills for Success programme that aims to bridge the soft skills gap and better prepare the country’s future workforce.

“The programme partners with local high schools and institutions dealing with the betterment of children and youth to offer relevant career guidance,” said NMB.

“The bank’s support for KidsCan Zimbabwe continued this year. Further, a luncheon was held for vulnerable children in conjunction with Friends of Dzikwa Trust where various items were donated.” — @SikhulekelaniM1