HARARE, Mar. 4 (NewsDay Live) - Stanbic Bank and EIB Global have jointly launched a €20 million (ZWG 525.9 million) credit line to support small and medium-sized enterprises (SMEs) in Zimbabwe, with a special focus on women entrepreneurs.
This was announced by the European Investment Bank (EIB) in a press release.
The facility, backed by the European Commission and the European Union member states through the African, Caribbean, and Pacific Trust Fund, is designed to address the significant financing gap that many women-run businesses face.
Thomas Ostros, the EIB vice-president responsible for diversity, inclusion, and Southern Africa operations stated, “ With over half of the SMEs in Zimbabwe owned by women, EIB Global’s support for these businesses will have a real impact on economic growth, jobs, and prosperity. Backing women in business contributes to more sustainable and inclusive growth, strengthening communities.”
Stanbic Bank chief executive officer Solomon Nyanhongo, emphasized the broader positive implications of the initiative to women entrepreneurs.
“By supporting SMEs and enterprises owned or run by women, and employing significant numbers of women, we are fostering economic inclusion and national development. This partnership empowers women and communities, driving meaningful change through much-needed medium-term funding,” he said.
The credit facility is a key component of the EU’s Global Gateway Strategy, which aims to narrow the global investment gap by increasing sustainable investment, with a particular emphasis on supporting gender equality and women’s empowerment.
EU ambassador to Zimbabwe, Jobst von Kirchmann said the initiative will create a transformative impact for Zimbabwean women.
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"This partnership between the EU, EIB Global, and Stanbic demonstrates our commitment to women’s economic empowerment and financial inclusion,” he noted.
The ElB is the long-term lending institution of the European Union, and is owned by member states.
It finances investments that contribute to EU policy objectives.
