Zimbabwean companies scale up agreements with Afreximbank

Spread the love

THE latest Afreximbank Annual Report has revealed that Zimbabwe’s industry has benefitted from agreements with the financial institution for re-capitalising operations in line with the economic growth agenda.

The 2021 Annual Report released by Afreximbank on Monday this week shows that among the top agreements between the bank and Zimbabwe include a syndicated loan facility with Zimbabwe Electricity Transmission and Distribution Company of more than $US110 million and a loan facility to CABS worth $US40 million.

The agreements also include a $US28, 2 million dual tranche with CBZ Bank and a $US10 term sheet with ZB Bank.

Credit facilities by the multilateral lender have been described as key to industrial recovery, according to Escrow Group Chief Executive Officer, Mr Collen Tapfumaneyi.

The loans from the regional bank are key in sustaining the levels of production including industrial value chains to such an extent that with local firms benefitting them, it means the bank continues to show confidence on the economy despite challenges, he said.

Investment analyst Mr Garikayi Munema noted that beneficiaries should fully utilise the credit facilities.

By devoting the loans to their intended purposes ,indeed that will create a platform for growth while enabling the Afreximbank to even further spread its loan facilities to more sectors of the economy, actually beneficiaries should also repay the facilities by fulfilling the lending terms,” he said.

The latest Afreximbank report shows that agreements worth more than $US1,1 billion were signed by the bank with several member countries during the year under review.