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NMB To Continue Supporting Productive Sectors Of The Economy

NMB To Continue Supporting Productive Sectors Of The Economy

NMB Zimbabwe has said it will continue to fund and support the productive sectors of the economy.

In a statement accompanying financial results for the year ending 31 December 2021, the financial services group said:

We remained relevant to our Corporate and SME clients by providing customised lending products which meet their exact needs.

The Agriculture sector was bolstered by the floating of a $2 billion Agrobond whose proceeds are being deployed in various agricultural value chains.

The Bank signed a US$15 million credit line with a developmental finance partner which is currently being disbursed in selected long-term projects.

This is up and above another line of US$20 million from a regional funder which was fully utilised.

NMB also noted the positive impact of various monetary policies that were implemented by the Government such as the foreign exchange auction system which resulted in a significant drop in inflation.

The year-on-year inflation dropped from a high of 837 per cent recorded in July 2020 to 60.74 per cent as of December 2021. Read the statement:

Notwithstanding the economic headwinds, the economy achieved an economic growth rate of 7.8 per cent on the back of the continuation of the tight monetary and fiscal consolidation, a good agricultural season and the stabilisation effect brought by the auction system.

NMB Zimbabwe said the banking subsidiary was compliant with the minimum capital of the equivalent of US$30 million.

At the end of 2021, the banking subsidiary owed US$13.4 million to various lines of credit providers.

More: Chronicle

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