CBZ Holdings secures US$50 million credit facility

CBZ Holdings Limited (CBZHL) has signed a US$50 million trade and working capital line of credit with the African Export-Import Bank (Afreximbank) aimed at stimulating trade related business activities across various sectors of the economy.

The signing ceremony, according to the group’s executive director, Mr Phibeon Matibura, was held on Wednesday on the sidelines of the Investing in African Mining Indaba in Cape Town, South Africa.

The group, in a statement, expressed enthusiasm, citing that the collaboration is a significant milestone.

“We are excited to announce the signing of a $50 million facility with the African Export-Import Bank (Afreximbank) in Cape Town. The facility is targeted at financing corporates in the export sector and involved in other trade related activities,” said CBZ, which is regarded as the biggest bank in Zimbabwe.

CBZ said the strategic collaboration is a major milestone as it seeks to unlock trade financing and stimulate trade related business activities across various sectors of the economy.

“As CBZ, we are committed to driving the success of our country’s economic growth and development,” said the group.

CBZ group chief executive officer Mr Lawrence Nyazema (left) and Afreximbank senior executive vice president Denys Denya at the signing ceremony of the US$50 million credit facility in South Africa

It noted that the agreement seeks to support corporates and small and medium enterprises (SMEs) entities that are export oriented in the mining value chain, agro-processing, energy, manufacturing, tourism and logistics, among others to finance their short-term trade financing requirements.

The firm recently revealed that it aims to raise at least US$500 million in credit lines this year, compared to US$115 million successfully secured in 2024.

In June last year, the group secured a US$80 million loan facility from the Afreximbank to support trade financing for the country’s productive sectors of the economy as well as for capital expenditure financing.

CBZ aims to deploy affordable mobile banking solutions and increase its product offerings, create opportunities for direct and indirect employment and driving financial inclusion in Zimbabwe.

According to the Reserve Bank of Zimbabwe (RBZ), the banking institutions continued to play their critical financial intermediary role, with considerable funding going to the productive sectors of the economy to support economic growth.-chroncile