NMB mobilises $60m credit lines

via NMB mobilises $60m credit lines | The Herald November 13, 2015

NMB Bank Limited has mobilised $60 million in line of credits for on-lending to various sectors of the economy mainly the manufacturing and SME sectors.

NMB chief executive Mr Benefit Washaya told The Herald Business last week that the bank mobilised the lines of credit in an endeavour to contribute to economic growth through supporting critical sectors of the economy.

The manufacturing and SMEs sectors are reeling from underfunding resulting in low capacity utilisation and inevitably low employment levels in the country.

Mr Washaya said his organisation is leveraging on their strong shareholding to raise their lines of credit and the company has got the lines of credit from six different funders with a portfolio of $60 million.

“Our efforts towards raising lines of credit have been impressive so far and we are leveraging on our strong shareholding, which include among others African Century LLP, Old Mutual, FMO, Norfund, and AfricInvest.

“We have been able to score considerable success in raising external lines of credit.

“We started accessing lines of credit from as far back as 2010 and as we speak, our approved lines stand at $60 million from six different funders.

“Country risk issues remain a major impediment. I must, however, applaud the work being done by the Minister of Finance Patrick Chinamasa; Governor of the Reserve Bank Dr John Mangudya and many others regards the debt strategy to clear the country’s external debt arrears.

“This will certainly assist us in our quest to access lines of credit,” said Mr Washaya.