The European Investment Bank (EIB) has extended a US$18 million facility to CABS for on-lending to the private sector, marking the bank’s first engagement with Zimbabwe in over two decades.
The facility, which points to the thawing relations between Harare and Brussels, is earmarked for retooling and capitalising local companies in the wake of the Covid-19 pandemic.
In a statement yesterday, head of delegation of the European Union to Zimbabwe, Timo Olkkonen said the credit line would be a huge boost to Zimbabwe.
“Memorable moment, the European Investment Bank and CABS unveil EUR15 million Covid-19 resilience business financing initiative, the first-ever EIB partnership with a Zimbabwe commercial bank and first engagement in Zimbabwe in 22 years. Huge step for access to finance in the country,” Olkkone
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