EmpowerBank waits for $700 million capitalisation

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YOUTH-focused financial institution, EmpowerBank, is waiting for $700 million capital injection from the government to complete a slew of business development initiatives lined up for this year.
In a statement accompanying half-year results to June 30, 2022, the bank’s board chairman Rudo Kumirai said the delay in capital disbursement also affected other business development initiatives, which relied on funding.

“The Microfinance Bank is grateful for government support as evidenced by the capital injection of $300 million, which came in March 2022 with the other $400 million coming in July 2022. The $300 million capital remains to be disbursed from the 2022 budget and an additional $700 million supplementary budget allocation is also yet to be released.