HARARE, July 31 – The African Export-Import Bank (Afreximbank) has signed financing agreements worth $190 million with CBZ Bank Limited of Zimbabwe, expanding the lender’s capacity to finance trade, small businesses and energy infrastructure as part of broader efforts to support the country’s economic development.
The three facilities were signed in El Alamein, Egypt, by Haytham Elmaayergi, Executive Vice President of Global Trade Bank at Afreximbank, and Valeta Mthimkhulu, Managing Director of CBZ Bank Limited.
The largest component of the package is a $150 million revolving trade finance facility, which will enable CBZ Bank to provide trade finance and letters of credit to Zimbabwean businesses, helping to address the continent’s persistent trade finance gap and improve access to international markets.
Afreximbank also approved a $20 million dual-tranche SME finance facility aimed at strengthening CBZ Bank’s ability to finance small and medium-sized enterprises engaged in trade and other trade-related activities. The programme will support SMEs through improved access to financing as well as capacity-building initiatives.
The third agreement is a $20 million dual-tranche on-lending facility designed to support Zimbabwe’s electricity sector. The financing will position CBZ Bank to participate in an approved $210 million syndicated dual-tranche facility for the Zimbabwe Electricity Transmission and Distribution Company, helping reduce power shortages and improve electricity reliability in Zimbabwe and the wider Southern African Development Community (SADC) region.
Commenting on the agreements, Haytham Elmaayergi said the financing package would strengthen export-oriented businesses and contribute to foreign exchange generation.
According to Elmaayergi, “The US$150 million revolving trade finance facility will benefit several productive sectors in Zimbabwe, contributing to the country’s Vision 2030 aspiration: Towards a prosperous and empowered upper-middle-income society by 2030.”
He added that Afreximbank’s SME and trade finance initiatives are built around financing, legal and regulatory support, capacity building, business services and strategic partnerships to improve access to capital across African markets.
Speaking after the signing ceremony, Valeta Mthimkhulu, Managing Director of CBZ Bank Limited, said the partnership would strengthen the bank’s ability to support businesses across key sectors of the economy.
According to Mthimkhulu, “Through this agreement, CBZ is better positioned to deliver financing solutions that unlock opportunities for our clients across the spectrum. From exporters to small businesses, we are committed to enabling growth while contributing to key national priorities, including energy development.”
The financing package underscores Afreximbank’s continued commitment to expanding trade finance, supporting private sector development and financing critical infrastructure projects across Africa, while strengthening Zimbabwe’s efforts to boost economic growth, exports and energy security.
