Farai Mabeza, Senior Staff Writer 
PAN African financial institution Ecobank says it is finalising a US$20 million facility for local exporters.
This comes as total exports in 2022 stand at around US$3,3 billion as of July 2022, according to official figures, and are expected to reach the 2023 target of US $7 billion in 2022.
Export figures for 2021 were valued at US$6,03 billion.
“It’s a US$20 million facility targeted at exporting entities in the country. It has tenures of up to three years so we are finalising the facility at the moment with the lender.
“We will do a webinar by the end of November with all exporters that want to access that facility. We will avail more details in terms of qualification, in terms of how to access that facility,” Ecobank head of exports, Francisca Karanda, told The Financial Gazette on the sidelines of the national exporters’ conference.
She added that qualifying entities would be drawn from trade development and promotion body ZimTrade’s membership.
“As long as they qualify to be a ZimTrade member, that’s our target market. It excludes mining, it excludes tourism because those are excluded from ZimTrade membership,” Karanda said.
Ecobank recently reported a 55 percent increase in half-year operating income from $9,74 billion to $15,08 billion in inflation-adjusted terms, driven by significant foreign exchange earnings.
In a statement accompanying the bank’s half-year results for the period ended June 30, 2022, managing director Moses Kurenjekwa said non-interest income also marginally contributed to revenue performance.
“Non-interest income grew by 96 percent from $4,84 billion to $9,47 billion while net foreign exchange income grew 116 percent from $2,83 billion to $6,11 billion to anchor revenue performance.
“However, the contribution of interest income was marginal as it increased by 31 percent from $5,39 billion to $7,04 billion owing to depressed lending conditions prevailing in the environment and prudent reclassification of assets necessitated an increase in provisions from $0,23 billion and $0,93 billion,” he said.
Kurenjekwa said total operating costs increased by 81 percent to $4,59 billion from $2,54 billion during the correspondent period. newsdesk@fingaz.co.zw
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