The Eastern and Southern African Trade and Development Bank Group (TDB Group) has given CBZ Bank Limited a USD 20 million credit line.
This money will help CBZ Bank lend to businesses in key export and hard currency sectors for their capital and working needs.
TDB Group plays a vital role in supporting banks in its member states by offering various financial solutions, including trade-related credit lines. Gift Moonga from TDB Group highlighted that working with banks helps grow the region and prepares member states for future opportunities.
TDB Group and CBZ Bank have been working together since 2007, initially helping with working capital and imports. Their partnership has grown to include broader financial support, benefiting Zimbabwe’s government and sectors like agribusiness and mining by boosting production and creating jobs.
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Lawrence Nyazema, CBZ Holdings Chief Executive, said the $20 million credit will strengthen Zimbabwe’s export and hard currency sectors and improve the overall economy.
Founded in 1985, TDB Group is a major regional development bank in Africa, focusing on trade, economic integration, and development. It manages assets of USD 10 billion and includes 25 African member states and international investors.
CBZ Bank, established in 2004, is Zimbabwe’s largest bank, offering a wide range of financial services. It has 39 branches, 19 agencies, and over 18,000 PoS machines and 46 ATMs across Zimbabwe.
