European Investment Bank rekindles credit lines for Zimbabwe

By Stanley James

THE European Investment Bank (EIB) a lending arm of the European Union has revealed support for Zimbabwe’s private sector economy drive by mobilising more credit lines.

In a vote of confidence to the economy the bank which has availed credit lines to local financial institutions for private sector lending is rekindling more support to the productive sectors of the economy.

European Investment Bank (EIB) Head of Regional Representation for Southern Africa and the Indian Ocean Mr Jim Hodges who was recently in Zimbabwe described the need to avail more credit lines for productive sectors as a key priority for the institution.

“We had a €40 000 000 facility initially for Zimbabwe and that has been fully utilised , so we are  in talks with banks over more lines of credit  to support the private sector and we hope more banks will come on board,” he said.

Mr. Hodges also outlined the future thrust of the bank in Zimbabwe in light of the reengagement drive being pursued by the Second Republic.

There is a lot of criteria being done in determining the size of the credit lines,  we had a break due to the  macro economic situation but we are now ready to engage , we have been working actively to support Zimbabwe’s private sector which is the pillar for growth to any economy,” he added.

Credit lines from the multilateral lender are also being focused on export oriented sectors of the economy that have a potential of creating jobs and generating foreign currency.

The EIB is the European Union’s investment bank and is owned by the EU member states, it is one of the largest banks across the globe.

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