OM disburses US$100m

Victoria Ruzvidzo in CAPE TOWN, South Africa
Zimbabwe’s largest financial services group, Old Mutual, has disbursed at least US$100 million to businesses through its lending arm, the Central Africa Building Society, since dollarisation in 2009.This emerged yesterday as the group chief executive Mr Jonas Mushosho expressed confidence in the economy and pledged more funds to companies to aid recovery. The funds have been allocated to firms across the entire economic spectrum at an average interest rate of 10 percent per annum. “In Zimbabwe, some see a lot of risk, but we see opportunities,” said Mr Mushosho in an interview on the sidelines of the Old Mutual Emerging Markets, Nedbank and Property and Casualty showcase here.

The insurance, investment, banking and property giant expressed confidence and total support for the Zimbabwe Agenda for Sustainable Socio-Economic Transformation, stressing it was the right framework with potential to transform the economy.