The African Export-Import Bank (Afreximbank) has finalized a US$190 million financing package for CBZ Bank Limited to bolster economic development in Zimbabwe. The deal, formalized in El Alamein, Egypt, by Afreximbank Executive Vice President Haytham Elmaayergi and CBZ Bank Managing Director Valeta Mthimkhulu, comprises three distinct agreements.
A US$150 million revolving trade finance facility leads the package, designed to assist Zimbabwean companies by offering vital funding and letters of credit. Additionally, a US$20 million dual-tranche facility is dedicated to supporting Small and Medium Enterprises (SMEs) with trade-related financing and capacity building. A final US$20 million on-lending facility will assist in addressing Zimbabwe’s power deficits, enabling CBZ Bank to participate in a broader syndicated loan for the Zimbabwe Electricity Transmission and Distribution Company.
According to Elmaayergi, these funds serve as a catalyst for export-focused firms, helping to generate foreign exchange and alleviate currency shortages. He noted that this initiative aligns with Zimbabwe’s Vision 2030 goal of achieving upper-middle-income status. Mthimkhulu emphasized that the partnership strengthens CBZ Bank’s capability to provide diverse financial solutions, ultimately supporting national priorities such as energy infrastructure and business expansion.
