TDB GROUP EXTENDS USD 20 MILLION FACILITY TO CBZ BANK, ZIMBABWE
Media Contacts:
Anne-Marie Iskandar
Senior Communications Officer
Corporate Affairs and Investor Relations
Anne-Marie.Iskandar@tdbgroup.org
Matilda Nyathi
Group Chief Marketing and Corporate Affairs Officer
mnyathi@cbz.co.zw
Harare, 26 August 2024 – The Eastern and Southern African Trade and Development Bank Group (TDB Group) has extended a USD 20 million revolving line of credit to CBZ Bank Limited.
The facility will be used by CBZ Bank to provide loans to eligible customers operating in key export and hard currency sectors for capital expenditure and working capital needs.
TDB Group has effectively positioned itself to support its member states’ banks by providing a number of solutions such as lines of credit to facilitate trade within the continent and the rest of the world.
Gift Moonga TDB Coverage Execuitve, Southern Africa Region, “By actively collaborating with banks in our region, we play a vital role in strengthening our member states’ overall financial and banking ecosystems. Through our collective efforts, we not only foster growth but also promote advancement, ensuring that the region remains resilient and well-positioned to maximize future opportunities.”
Since 2007, TDB Group and CBZ Bank have been working together and significantly supported trade and private sector development. The partnership began with TDB Group extending its support to CBZ Bank’s customers in need of working capital, and in support of imports. Over the years, it has evolved to cover broader financial and developmental support. Notably, TDB Group and CBZ Bank have worked jointly to provide substantial assistance to the Government of Zimbabwe through the Ministry of Finance.
TDB Group’s support has been pivotal in providing essential foreign currency funding for clients in the agribusiness and mining sectors, which has boosted production capacities and export volumes, increased revenue and contributing to job creation by expanding local employment.
Additionally, the Group’s role in deepening financial markets has helped to bridge the trade finance gap in Zimbabwe, allowing CBZ to provide critical funding to the missing middle—small and medium enterprises.
Lawrence Nyazema Group Chief Executive CBZ Holdings said , “The USD 20 million revolving line of credit to CBZ Bank is a strategic investment that will bolster Zimbabwe’s key export and hard currency sectors. While the fungibility of money means that the benefits will extend beyond CBZ, this funding is poised to have a significant positive impact on the broader Zimbabwean economy. We are eager to collaborate with TDB on this initiative, both directly and indirectly. Our commitment to TDB ensures that these funds will be utilized effectively to drive economic growth and development.”
About TDB
Established in 1985, the Eastern and Southern African Trade and Development Bank (TDB) is an investment-grade African regional development finance group, with the mandate to finance and foster trade, regional economic integration and sustainable development. With an asset base of USD 10 billion, TDB Group has 25 African member states, which alongside non-regional member countries and institutional investors from Africa, Europe and Asia, form TDB’s community of shareholders.
TDB Group counts several subsidiaries and strategic business units including Trade and Development Banking, TDB Group Asset Management (TAM), Trade and Development Fund (TDF), TDB Captive Insurance Company (TCI), the ESATAL fund management company and TDB Academy.
About CBZ Bank
Established in 2004, CBZ is the largest bank in Zimbabwe holding the top spot in terms of capital and reserves, total deposits, and advances. CBZ Bank Limited, the flagship of the group, is a registered commercial bank offering a wide range of innovative banking and financial services solutions to personal and corporate customers through the following: Retail Banking; Corporate and Merchant Banking; EBanking & Card Services; Mortgage Finance; Agribusiness; Advisory services; Asset Finance; Wealth Management; Treasury; Trade Finance & International Banking and Custodial Services.
The Bank has 39 branches and 19 agencies across the country in addition to over 18,000 PoS machines and 46 ATMs.
