Online Reporter
Oliver Kazunga-Senior Reporter
GROWING international confidence in Zimbabwe’s economic reforms is translating into increased offshore financing, with agriculture, mining and manufacturing emerging as the biggest beneficiaries under the Second Republic’s industrialisation push.
Figures contained in the 2026 Monetary Policy Statement show that agriculture accounted for 37,1 percent of the US$3,53 billion total offshore loan facilities the country accessed in 2025, underscoring the sector’s strategic role in food security, exports and rural transformation.
Mining followed with 22,8 percent, while manufacturing accounted for 15,6 percent, reflecting sustained capital support for sectors central to production, value addition and job creation.
Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mushayavanhu said offshore loan facilities were expanding financing options for the productive sector at competitive interest rates and longer tenures.
“Agriculture remains the major beneficiary of offshore loans with a proportion of 37,1 percent, followed by mining (22,8 percent) and manufacturing (15,6 percent), among others.
“Offshore loan facilities expand financing options at competitive terms and interest rates, supporting employment creation and growth,” he said.
Offshore funding comes at a time when the Second Republic, under President Mnangagwa, is accelerating reforms anchored in currency stability, ease of doing business, fiscal discipline, and value chain development.
Economists say having agriculture, mining and manufacturing leading in the uptake of offshore credit lines signals growing international confidence in Zimbabwe’s macroeconomic stabilisation framework and policy consistency.
“By directing capital towards mining, agriculture, and manufacturing, offshore creditors are backing sectors at the heart of the Government’s strategy to build a self-sustaining, export-led economy.
“For agriculture, the largest share of offshore funding strengthens capacity for mechanisation, irrigation expansion and agro-processing — critical pillars in boosting output and enhancing national food security,” said Ms Wendy Mpofu, an economist with one of Zimbabwe’s leading financial institutions.
In the mining sector, capital inflows are supporting equipment modernisation, project expansion and beneficiation initiatives aimed at maximising mineral value.
Manufacturing firms are leveraging offshore facilities to retool, scale up production and improve competitiveness, reinforcing the drive towards import substitution and industrial revival.
Economic commentator Mr George Nhepera said offshore credit lines to the banking sector had enhanced funding for productive activities, contributing to sustainable growth in line with the national vision of attaining upper middle-income status by 2030.
He said the central bank’s pragmatic and market-driven policy approach had strengthened investor confidence, creating a clearer roadmap for long-term economic stability.
Mr Nhepera said Zimbabwe’s reform agenda is not only stabilising the economy — it is attracting the financing needed to power growth, create jobs and accelerate industrial transformation.
“It’s time now for banks and international creditors to increase their lending activities in support of NDS 2 economic and social projects, thereby uplifting our people from poverty, providing decent jobs and improving the overall standard of living,” he said.
The Zimbabwe National Chamber of Commerce (ZNCC) chief executive officer, Mr Christopher Mugaga, said offshore financing is a strong vote of confidence in Zimbabwe’s reform trajectory.
He said foreign creditors would not extend credit lines unless satisfied with the country’s macroeconomic stabilisation measures and policy consistency.
“Most of these offshore facilities are being provided by major financiers such as the African Development Bank, which typically funds large-scale business models requiring substantial capital outlays, often starting from around US$800 000.
“This model does not adequately support emerging businesses that require smaller amounts of capital.
“It is therefore critical for local banks to restructure their funding frameworks to better accommodate small enterprises in the emerging economy,” he said.
