CABS, BII Sign US$30m Deal to Boost Zimbabwean Businesses

Leading local financial institution CABS has signed a US$30 million financing facility with British International Investment (BII), the UK’s development finance institution to expand access to long-term funding for businesses in key economic sectors.

The facility is expected to support small and medium-sized enterprises (SMEs) particularly those operating in agriculture and food manufacturing through trade finance and capital expenditure loans.

CABS managing director Mehluli Mpofu said the funding would help businesses improve productivity, increase efficiency and create sustainable jobs.

He said the facility would also enable export-focused companies to replace outdated machinery, expand production capacity and strengthen their competitiveness in international markets.

Maria Smith, BII’s chief investment officer said Zimbabwe had significant entrepreneurial talent and growth potential but access to finance remained a major constraint to investment and productivity.