Afreximbank announces US$400m fund for Zim firms expanding into Africa

HARARE – Afreximbank has announced a US$400 million fund for Zimbabwe businesses looking to develop their operations throughout the African continent.

The announcement came at the start of the SADC Industrialisation Week Investment Forum, a high-profile event that brought together regional and international investors, officials, and industry executives.

The fund, which aims to spur economic growth and development in Zimbabwe, will provide financial assistance to enterprises in a variety of industries, including manufacturing, agriculture, mining, and technology.

Afreximbank hopes that by making finance more accessible, Zimbabwean entrepreneurs would be able to capitalise on the tremendous prospects given by the African market.

“I am happy to announce that we have set aside US$400 million for Zimbabwean-based pan-African corporations who want to venture into the continent,” Afreximbank’s Vice President, Denys Denya, said.

From 2017 to 2023, the bank has disbursed over US$20 billion in a range of instruments in trade finance facilities in support of inter-African trade, and with such support from the bank, businesses are better positioned to compete on the global stage and contribute to continental economic integration. The bank seeks to increase this to US$40 billion under its current strategic plan.

The bank has a long history of aiding African businesses in their expansion efforts.

“We have assisted Dangote in the expansion into countries like Ghana and Tanzania in terms of cement manufacturing. We have also assisted Econet’s expansion into the rest of Africa,” he added.

In terms of the SADC region, Denya said some of the deals that have been concluded in the SADC region include funding of US$70 million and provision of investment guarantees that unlocked US$300 million for the Zimborders project in Zimbabwe and the US$44 million for the Lucara project in Botswana. The bank has also funded the renovation of Unit 7 as Hwange Power Station and US$20 million for Zimasco. -finx