FCB gets US$13,7 million EU injection

ZIMBABWE Stock Exchange-listed financial institution First Capital Bank (FCB) has acquired a credit facility of EUR 12,5 Million (US$13.7 million) from the European Investment Bank which will boost the operation of small to medium enterprises in the country.

The funding is set to develop eligible investment projects undertaken by Small to Medium Enterprises (SMEs) and MidCap companies under FCB aiming to accelerate economic growth in pertinent industries.

The European Investment Bank (EIB) is the long-term lending institution of the European Union that makes long-term finance available for sound investment in order to contribute towards EU policy goals.

“We are excited to be launching this credit line as it unlocks diverse opportunities for our clients who have steadily grown their businesses and positioned themselves for prospects such as this,” First Capital Bank (Zimbabwe) Limited’s chairman, Patrick Devenish said.

FCB chief finance officer, Fanuel Kapanje said FCB’s goal is to attain incremental growth across its business where the impact has far-reaching positive effects within the broader economy and communities that it serves.

“To achieve this, we are always looking for opportunities to strategically position ourselves and navigate towards sustainable development,” Kapanje said.

Head of Regional Representation Southern Africa and Indian Ocean of the European Investment Bank Jim Hodges says the bank is committed to ensuring that Zimbabwean entrepreneurs and businesses can invest through new cooperation with local financial partners.

“As part of Team Europe, the European Investment Bank is pleased to provide EUR 12.5 million of targeted financing to First Capital Bank Limited to accelerate private sector investment, create jobs and accelerate the post-pandemic recovery of Zimbabwe. This week’s business financing agreements totalling EUR 25 million shows how Team Europe and African partners are joining forces to back business growth,” he said.

The facility with First Capital Bank Limited follows a similar package agreed earlier with CABS which addresses one of the key issues to doing business in Zimbabwe which is access to finance.-newsday