First Capital secures Euro 12 million loan from EIB
Harare (New Ziana) – First Capital Bank (FCB) Zimbabwe on Tuesday tied up a Euro 12.5 million loan facility with the European Investment Bank (EIB) for on lending to the productive sectors of the economy.
The EIB loan facility has a tenure of seven years.
FCB commercial director Mutemwa Ushewokunze said the bank’s primary focus was to avail funding to key productive sectors that will drive Zimbabwe’s economy forward.
“In our pre-screening exercise we identified some exciting opportunities in the super food and horticulture export space where there are opportunities to create new markets while resurrecting old ones. In the agri-infrastructure space we have found a firm that is innovating around irrigation and this activity could lower the cost of irrigation inputs for some of our small to medium farmers and bring them into commercial capacity,” he said.
“We also have a sustainable dairy production offering that is looking to raise output which could go someway towards alleviating the milk deficit in this country along with allowing us to use some of the unutilised installed capacity.
“We are also talking to a women owned fishery which is looking to expand its operations from 600 tonnes to 2 800 tones.”
Apart from agriculture, the funding will also benefit firms in the health sector.
“We are engaging with a pharmaceutical firm which has ambitions to manufacture locally and a healthcare firm that is looking to build a regional facility in a very dense mining area in our country and all this critically ensures that there is diversity around our activities.”
Adding on, FCB board chairman Pat Devenish said the bank had a robust and responsible business model which ensures that it impacts communities and the broader economy through the provision of relevant financial solutions suited to existing marketing conditions.
“Today we are witnessing the value of collaboration at play where we have sought strategic partners that enable us to leverage on our competencies optimally in a mutually beneficial way,” he said.
“This is a key milestone and an important contribution towards growing industrialisation of our economy.”
FCB has operations in Zimbabwe, Zambia, Malawi, Mozambique and Botswana.