Staff Reporter
Stanbic Bank, in partnership with EIB Global, has launched a €20 million (ZWG 525.9 million) credit line to support small and medium-sized enterprises (SMEs) in Zimbabwe, with a special focus on women entrepreneurs. This announcement comes from a press release issued earlier today by the European Investment Bank (EIB).
The facility, backed by the European Commission and the European Union member states through the African, Caribbean, and Pacific Trust Fund, is designed to address the significant financing gap that many women-run businesses face. This new financial support aligns with the 2X Challenge, an initiative that mobilizes investment to increase women’s participation in the economy in emerging markets by improving access to finance, leadership opportunities, and quality employment.
In the Press release Thomas Östros, Vice-President of EIB responsible for diversity, inclusion, and Southern Africa operations stated, “ With over half of the SMEs in Zimbabwe owned by women, EIB Global’s support for these businesses will have a real impact on economic growth, jobs, and prosperity. Backing women in business contributes to more sustainable and inclusive growth, strengthening communities.”
Solomon Nyanhongo, Chief Executive of Stanbic Bank, also emphasized the broader positive implications of this initiative to women entrepreneurs.
“By supporting SMEs and enterprises owned or run by women, and employing significant numbers of women, we are fostering economic inclusion and national development. This partnership empowers women and communities, driving meaningful change through much-needed medium-term funding,” he said.
The credit facility is a key component of the EU’s Global Gateway Strategy, which aims to narrow the global investment gap by increasing sustainable investment, with a particular emphasis on supporting gender equality and women’s empowerment.
Jobst von Kirchmann, Ambassador of the European Union to Zimbabwe, in the press release, informedthat investing in women is investing in Zimbabwe’s future.
“Through Team Europe’s efforts on the ground, we are creating a transformative impact for Zimbabwean women. This partnership between the EU, EIB Global, and Stanbic demonstrates our commitment to women’s economic empowerment and financial inclusion,” he noted
Meanwhile, the European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives.
EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner of Global Gateway.
It aims to support €100 billion of investment by the end of 2027 around one-third of the overall target of this EU initiative.
