From left to right, European Investment Bank (EIB), Head of Division: Mr. Christophe Litt, Stanbic Bank CEO Mr. Solomon Nyanhongo, EU Ambassador to Zimbabwe, H.E. Jobst von Kirchmann
By George Swarei
Harare, 4 March 2025 – The European Investment Bank (EIB Global) and Stanbic Bank Zimbabwe have unveiled a €20 million (ZWG 525.9 million) credit facility to provide longer-term loans at favourable conditions for small and medium-sized enterprises (SMEs) and women entrepreneurs in Zimbabwe.
The facility, backed by the European Commission and EU Member States through the African, Caribbean and Pacific Trust Fund, is designed to address financing challenges faced by Zimbabwean businesses, particularly those owned, led, employing, or serving women.
Speaking on the initiative, EIB Vice-President Thomas Östros highlighted the transformative potential of the facility, stating, “With over half of Zimbabwe’s SMEs owned by women, this support will have a real impact on economic growth, jobs, and prosperity. Backing women in business contributes to more sustainable and inclusive growth.”
Stanbic Bank Zimbabwe CEO Solomon Nyanhongo emphasized the institution’s commitment to fostering economic inclusion, saying, “By supporting SMEs and enterprises owned or run by women, we are empowering families, communities, and the nation. This partnership will unlock opportunities through much-needed medium-term funding.”
EU Ambassador to Zimbabwe, Jobst von Kirchmann, echoed these sentiments, adding, “Investing in women is investing in Zimbabwe’s future. This dedicated credit line complements Team Europe’s efforts in implementing the Global Gateway Strategy, unlocking opportunities for women entrepreneurs and driving inclusive economic growth.”
The initiative aligns with the EU’s Global Gateway Strategy and the 2X Challenge, which aims to increase women’s participation in the economy by improving access to finance, leadership opportunities, and quality employment.
The launch marks a significant step in supporting Zimbabwe’s private sector, with the facility expected to drive economic growth, create jobs, and strengthen women’s financial inclusion.
