Empowering Agriculture: NMB Bank Secures $10 Million Loan from British International Investment for Sustainable Farming and Exports.
15 July 2024
We at NMB Bank Zimbabwe Limited are thrilled to announce that we have secured a $10 million loan from British International Investment (BII), the UK’s development finance institution and impact investor. This funding will significantly bolster our efforts to support agricultural exporters and promote sustainable farming practices in Zimbabwe.
Our commitment to the agricultural sector is unwavering, and this loan positions us as a leading supporter of sustainable agriculture. As the first financial institution in Zimbabwe to receive debt financing from BII, we are proud to reflect BII’s confidence in our banking sector.
Seventy percent of this funding will be allocated to our agricultural exporter customers, enabling them to invest in capital expenditures such as machinery, irrigation systems, and fertilizers. These investments will enhance their production capabilities, driving growth and efficiency. The remaining 30 percent will be dedicated to customers practicing sustainable agriculture. This includes projects that promote climate risk mitigation and adaptation, such as installing on-farm renewable energy systems, implementing energy-efficient measures, and accessing climate information and weather services to build resilience.
Pete Vowles, British Ambassador to Zimbabwe, expressed his enthusiasm: “We are very excited to see this new investment by BII, the latest in a long history of UK investment in Zimbabwe to grow businesses and economic opportunity. The focus on boosting agricultural exports and sustainable agriculture aligns well with Zimbabwe’s national development priorities, promoting food security, increasing incomes, and strengthening resilience to climate change.”
Chris Chijiutomi, Managing Director and Head of Africa at BII, stated: “Agriculture is the backbone of Zimbabwe’s economy. Through providing much-needed capital through our partner NMB Zimbabwe, we are addressing the financing gap for agribusinesses for better and more sustainable economic output. This aligns with the country’s priority to modernize and grow the sector, poised to provide better economic opportunities to the larger working population.”
Our CEO, Gerald Gore, added: “NMB Bank's collaboration with BII is a significant development for Zimbabwe's agricultural sector. We are excited to be the first bank in the recent past to benefit from such support from BII. This speaks to the vision alignment between the two institutions and our desire to boost agricultural exports for the country. The $10 million commitment focuses on sustainability and has the potential to unlock significant growth opportunities within the agricultural sector, contributing to the nation's economic prosperity.”
Dr. John Mushayavanhu, Governor of the Reserve Bank of Zimbabwe, remarked: “The partnership is a demonstration of confidence in Zimbabwean financial institutions. The credit line supporting agriculture is a crucial step towards realizing the vision of restoring Zimbabwe as the breadbasket of Africa. We hope this initiative will pave the way for further credit lines to be extended to NMB and other Zimbabwean financial institutions.”
Together, we are not just investing in agriculture; we are investing in Zimbabwe’s future. This partnership marks a new chapter of growth, resilience, and prosperity. Join us as we empower communities, drive sustainable development, and build a brighter Zimbabwe for generations to come.