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Monday, 25 September 2017

Zimbabwe: EIB Shelves Private Sector Lending Plans

The European Investment Bank (EIB) will not be lending to the local financial sector after Zimbabwean banks told the lender that appetite for medium-term loans was presently low, it has emerged. European Union (EU) ambassador to Zimbabwe, Philippe van Damme, last week told The Financial Gazette that while the EIB was prepared to advance money for medium-term on-lending to local banks, the financial institutions had pointed out that the move was presently unprofitable. "The EIB board had given the green light for the bank to lend to the private sector with the entry point being the banking sector. So the arrangement was for medium-term lending credit for the informal sector and (so on). "However, the problem is due to the macro-economic environment demand for this type of financing is low. So local banks turned down the offer and asked for the facility to be postponed until the economy improves," van Damme said.

Source: All Africa

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