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Stanbic Bank and EIB Global have launched a €20 million (ZW$ 525.9 million) credit line dedicated to supporting small and medium-sized enterprises (SMEs) and women entrepreneurs in Zimbabwe.
This innovative facility is designed to provide longer-term loans at favorable conditions, tailored to the specific needs of small businesses and women-led enterprises. By addressing the financing gap faced by women entrepreneurs, this initiative aims to drive economic growth, create decent jobs, and boost private-sector investment in Zimbabwe.
The credit line is backed by the European Commission and European Union member states through the African, Caribbean and Pacific Trust Fund. This partnership demonstrates the commitment of the European Union, EIB Global, and Stanbic Bank to promoting women’s economic empowerment and financial inclusion in Zimbabwe.
According to Thomas Östros, EIB Vice-President responsible for diversity and inclusion as well as for operations in Southern Africa, “Backing women in business contributes to more sustainable and inclusive growth, strengthening communities. With over half of the SMEs in Zimbabwe owned by women, EIB Global support for these businesses will have a real impact on economic growth, jobs, and prosperity.”
Solomon Nyanhongo, Chief Executive of Stanbic Bank, emphasized the bank’s commitment to driving meaningful change and unlocking opportunities for women entrepreneurs and SMEs across Zimbabwe. “By empowering SMEs and women-run businesses, we are empowering families, communities, and ultimately, the nation,” he said.
The launch of this credit line aligns with the European Union’s Global Gateway Strategy, which aims to narrow the global investment gap and promote sustainable and inclusive growth. Jobst von Kirchmann, Ambassador of the European Union to Zimbabwe, noted, “Investing in women is investing in Zimbabwe’s future. This dedicated credit line complements Team Europe’s efforts on the ground to create a transformative impact for Zimbabwean women.”
This pioneering initiative is set to make a significant impact on the lives of women entrepreneurs and SMEs in Zimbabwe, driving economic growth, job creation, and financial inclusion.
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