{"id":94400,"date":"2024-05-16T10:46:59","date_gmt":"2024-05-16T08:46:59","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/afdb-approves-us15-million-funding-for-zimbabwes-first-capital-bank"},"modified":"2024-05-16T14:02:56","modified_gmt":"2024-05-16T12:02:56","slug":"afdb-approves-us15-million-funding-for-zimbabwes-first-capital-bank","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/afdb-approves-us15-million-funding-for-zimbabwes-first-capital-bank","title":{"rendered":"AfDB Approves US$15 Million Funding For Zimbabwe\u2019s First Capital Bank"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>The African Development Bank (AfDB) has approved a US$15 million funding deal for Zimbabwe\u2019s First Capital Bank, which will use the proceeds to provide trade finance to SMEs and women-owned businesses, reported the Global Trade Review<\/b>.<\/p>\n

Of the US$15 million, US$7.5 million is a direct line of credit and the other US$7.5 million is for guarantees to overseas confirming banks, covering non-payment risk taken on First Capital\u2019s trade finance transactions with SMEs.<\/p>\n

The AfDB said the financing \u201cwill provide the much-needed hard currency financing to support First Capital Bank to close its trade finance gap and expand its trade finance support for SMEs and local corporates in Zimbabwe\u201d.<\/p>\n

The package, which was approved on April 30, will help spur Zimbabwe\u2019s inter-African trade and will \u201ccatalyse\u201d some US$146 million in trade over the next three years, according to the AfDB.<\/p>\n

Moono Mupotola, the AfDB\u2019s Zimbabwe country manager, said:<\/p>\n

The facility is expected to support the importation of strategic commodities and promote the integration of Zimbabwe\u2019s economy into regional and global trade markets, which are essential for the country\u2019s growth.<\/p>\n

Tapera Mushoriwa, CEO of First Capital Zimbabwe, said the package aims to bolster the bank\u2019s trade finance services in Zimbabwe, across Africa, and globally.<\/p>\n

First Capital was known as Barclays Bank until 2017 when the Mauritius-headquartered First Capital group bought the UK lender\u2019s majority share in the bank.<\/p>\n

For More News And Analysis About Zimbabwe<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. The African Development Bank (AfDB) has approved a US$15 million funding deal for Zimbabwe\u2019s First Capital Bank, which will use the proceeds to provide trade finance to SMEs and women-owned businesses, reported the Global Trade Review. Of the US$15 million, US$7.5 million is a direct line of credit and the other US$7.5 […]<\/p>\n","protected":false},"author":84,"featured_media":94399,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[803,1493,2189,19],"class_list":{"0":"post-94400","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"tag-afdb","10":"tag-africa-press","11":"tag-africa-press-zimbabwe-2","12":"tag-zimbabwe"},"yoast_head":"\nAfDB Approves US$15 Million Funding For Zimbabwe\u2019s First Capital Bank - zimbabwe<\/title>\n<meta name=\"description\" content=\"The African Development Bank (AfDB) has approved a US$15 million funding deal for Zimbabwe\u2019s First Capital Bank, which w ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/afdb-approves-us15-million-funding-for-zimbabwes-first-capital-bank\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AfDB Approves US$15 Million Funding For Zimbabwe\u2019s First Capital Bank\" \/>\n<meta property=\"og:description\" content=\"The African Development Bank (AfDB) has approved a US$15 million funding deal for Zimbabwe\u2019s First Capital Bank, which w ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/afdb-approves-us15-million-funding-for-zimbabwes-first-capital-bank\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-16T08:46:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-16T12:02:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2024\/05\/sm_1715844523.788035.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"782\" \/>\n\t<meta property=\"og:image:height\" content=\"440\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/afdb-approves-us15-million-funding-for-zimbabwes-first-capital-bank\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/afdb-approves-us15-million-funding-for-zimbabwes-first-capital-bank\",\"name\":\"AfDB Approves US$15 Million Funding For Zimbabwe\u2019s First Capital Bank - 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