The African Development Bank (AfDB) has approved a US$25-million trade finance line of credit facility to Central Africa Building Society (Cabs) of Zimbabwe.
This medium-term facility will help to support the expansion of Cabs’ operations as a provider of trade finance to local firms as well as small and medium-sized enterprises within the country, said the bank in a statement.
The credit support will provide for the importation of products such as agro chemicals, pesticides, farm machinery, spares and equipment to help revive Zimbabwe’s agricultural and manufacturing sectors.
“This will be AfDB's first non-sovereign intervention in Zimbabwe's financial sector in recent years. It is a strategic milestone expected to provide greater comfort to other international lenders,” said an AfDB spokesperson.
