{"id":96549,"date":"2024-07-16T12:15:39","date_gmt":"2024-07-16T10:15:39","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/nmb-bank-secures-us10m-for-agric-loans"},"modified":"2024-07-16T14:22:31","modified_gmt":"2024-07-16T12:22:31","slug":"nmb-bank-secures-us10m-for-agric-loans","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/nmb-bank-secures-us10m-for-agric-loans","title":{"rendered":"NMB Bank secures US$10m for agric loans"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Zimbabwe. <\/strong><\/span>NMB Bank Limited has secured a US$10 million facility from a UK-based development financial institution for on-lending to exporting agribusinesses and those investing in climate-smart practices.<\/p>\n<p>The loan from British International Investment (BII) comes as local financial institutions are on the prowl for lines of credit from international financiers to meet the growing demand for forex-based loans.<\/p>\n<p>The facility will be a boost for agricultural exporters and sustainable farming practices in the country.<\/p>\n<p>Seventy percent of the loan will go to NMB\u2019s agricultural exporting customers to invest in irrigation systems and fertilisers to enhance their production capabilities, according to a statement released yesterday. Thirty percent of the loan will cater for customers practising sustainable agriculture with projects that promote climate risk mitigation and adaptation.<\/p>\n<p>\u201cFor example, it could help customers to install on-farm renewable energy and energy efficient measures, as well as get access to climate information and weather services to build climate resilience,\u201d the statement read.<\/p>\n<p>NMB Bank chief executive officer Gerald Gore said the collaboration with BII is a \u201csignificant development for Zimbabwe&#8217;s agricultural sector\u201d.<\/p>\n<p>\u201cWe are excited to be the first bank in the recent past to benefit from such support from BII and this speaks to vision alignment between the two institutions and our desire to boost agriculture exports for the country. The US$10 million commitment comes with a great focus on sustainability. This partnership has the potential to unlock significant growth opportunities within the agricultural sector, contributing to the nation&#8217;s economic prosperity,\u201d Gore said.<\/p>\n<p>Chris Chijiutomi, BII managing director and head of Africa, said agriculture is the backbone of the Zimbabwean economy and the loans will help to address the financing gap for agribusinesses for better and more sustainable economic output<\/p>\n<p>\u201cThis is aligned with the country\u2019s priority to modernise and grow the sector, poised to provide better economic opportunities to the larger working population,\u201d Chijiutomi said.<\/p>\n<p>Pete Vowles, British ambassador to Zimbabwe, said: \u201cWe 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 opportunities. The focus on boosting agricultural exports and on sustainable agriculture aligns well with Zimbabwe\u2019s national development priorities and will help promote food security and exports, increase incomes and strengthen resilience to climate change. My team and I are working to bring more UK investments to Zimbabwe and this is an important step on our journey together.\u201d<\/p>\n<p>BII is a trusted investment partner to businesses in Africa, Asia and the Caribbean. Between 2022-2026, at least 30% of BII\u2019s total to new commitments by value will be in climate finance.<\/p>\n<p><strong>For More News And Analysis About Zimbabwe Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Zimbabwe. NMB Bank Limited has secured a US$10 million facility from a UK-based development financial institution for on-lending to exporting agribusinesses and those investing in climate-smart practices. The loan from British International Investment (BII) comes as local financial institutions are on the prowl for lines of credit from international financiers to meet the [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":96548,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[19],"class_list":{"0":"post-96549","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"tag-zimbabwe"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.1 (Yoast SEO v24.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NMB Bank secures US$10m for agric loans - zimbabwe<\/title>\n<meta name=\"description\" content=\"NMB Bank Limited has secured a US$10 million facility from a UK-based development financial institution for on-lending t ...\" \/>\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\/nmb-bank-secures-us10m-for-agric-loans\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NMB Bank secures US$10m for agric loans\" \/>\n<meta property=\"og:description\" content=\"NMB Bank Limited has secured a US$10 million facility from a UK-based development financial institution for on-lending t ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/nmb-bank-secures-us10m-for-agric-loans\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-16T10:15:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-16T12:22:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2024\/07\/sm_1721119686.560275.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\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\/nmb-bank-secures-us10m-for-agric-loans\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/nmb-bank-secures-us10m-for-agric-loans\",\"name\":\"NMB Bank secures US$10m for agric loans - 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