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Edgar Vhera
Agriculture Specialist Writer
THE NMB Bank of Zimbabwe (NMB) has secured a US$10 million loan from British International Investment (BII) to support agricultural exporters and sustainable farming practices in the country.
BII is the United Kingdom’s development finance institution and impact investor.
A press statement released yesterday, said the loan would be used to support on-lending to exporting agribusinesses as well as those investing in climate-smart practices. Addressing the financing gap is key in supporting the growth of the agricultural sector, which employs approximately 65 percent of Zimbabwe’s population, reads part of the statement.
British Ambassador to Zimbabwe, Mr Pete Vowles, Reserve Bank of Zimbabwe (RBZ) Governor, Dr John Mushayavanhu, South Central Africa coverage director at BII, Mr Dirk Hoishausen and NMBZ board chairman, Mr Pearson Gowero witnessed the signing ceremony in Harare last Thursday.
Amb Vowles said: “We are very excited to see this new investment by BII, the latest in a long history of UK investment in Zimbabwe to grow business and economic opportunity. The focus on boosting agricultural exports and on sustainable agriculture aligns well with Zimbabwe’s national development priorities and will help promote food security and exports, increase incomes and strengthen resilience to climate change. My team and I are working to bring more UK investment to Zimbabwe and this is an important step on our journey together.”
BII managing director and head of Africa, Mr Chris Chijiutomi, echoed the same sentiments saying: “Agriculture is the backbone of Zimbabwe’s economy and by providing the much-needed capital through our partner NMB Zimbabwe, we are addressing the financing gap for agribusinesses for better and more sustainable economic output.
“This is aligned with the country’s priority to modernise and grow the sector, poised to provide better economic opportunities to the larger working population,” he said.
Online Reporter