The African Export and Import Bank (Afreximbank) has since 1997 committed US$7 billion to Zimbabwe’s trade, industrial and export oriented projects, thereby emerging as one of the biggest lender for the country.
‘A friend in need is a friend indeed,’ such a phrase reveals the business and economic relationship that has existed between the Cairo headquartered bank and Zimbabwe since 1997.
Whenever the country has faced tough economic and social challenges, the developmental bank has come to the rescue.
The trend is evidenced by packages such as trade finance, letters of credit to firms, retooling finances or loans, pricing stability facilities, export incentives and interbank systems, among others.
“It is a trend that has existed for some time and we anticipate that the trend will just be like that in the future so that Zimbabwe remains resilient, recovers from the prevailing economic hardships and revive exports,” Afreximbank Regional Chief Operating Officer for Southern Africa, Mr Humphrey Nwugo said.
In a related development, an intra-Africa trade fair forum was held in Harare today as Zimbabwe seeks to increase its market share on the continent by seeking offshore credit lines to revive companies and ensure the competitiveness of strategic sectors such as agriculture, mining, banking, tourism, construction, retail and distribution.