Proparco is a development finance Institution jointly controlled by Francaise de Developments (AFD) and public and private shareholders from the North and South.
Its mission is to catalyze private investment in emerging and developing countries with the aim of supporting growth, sustainable development and the achievement of the Millennium Development Goals (MDGs).
The signing ceremony for the loan took place at the Residence of the Ambassador of
Ambassador Delahouse said despite its political difficulties
Added Blanchot: "PROPARCO's is keen to partner with a dynamic player such as
"This project which marks the first operation for PROPARCO in the Zimbabwean financial sector since the end of the 90s will contribute to support economic growth in the country. Through this transaction, PROPARCO also intends to play a catalytic role in attracting other foreign investors."
The total amount of loans received by NMB from European development finance institutions is now slightly above
"Currently we have short term and expensive money and this will allow us to fund business long term. At the core of our business is development and sustainability so when we lend money we want to do it."
He said PROPARCO's facility would allow NMB to finance the expansion of its credit portfolio in a market where funding is only available on a very short term basis. These long-term resources he said will enable NMB to extend the maturity of its financing for Zimbabwean businesses.
"In a context of economic restructuring and high financing needs it will help the private sector to grow and to support the development of
With total assets of over
Foreign Affairs deputy minister Chris Mutsvangwa welcomed the facility saying it represented a rekindling
"We have worked with PROPARCO before and their commitment is shown in that they have quickly rushed in even with the little signs of recovery that are there," he said.
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