African Century Limited (ACL), a private leasing firm, has secured a $5 million loan facility from Dutch development bank FMO for on-lending to small to medium enterprises (SMEs).
This is the second such facility from FMO after ACL received an $8 million line of credit in 2013.
Managing director Stanley Matiza said the local leasing industry required more long term funding to meet the needs of industry.
“The process of retooling local industry is being hampered by lack of availability of long term funding and as such ACL will continue to engage DFI community so as to continue to access credit lines and support the growth of the Zimbabwean economy,” he said.
Zimbabwe remains deprived of access to affordable lines of credit with financiers flagging the country as a high risk investment destination.
Finance Minister Patrick Chinamasa, who was present at the event, said government would continue to protect investors and provide a friendly environment for doing business.-The Source