In Zimbabwe, CABS is seeking to finance the development of its loan portfolio, but also to increase loan maturities for companies. This will contribute to private sector development in the country.
CABS is one of the three largest banks in Zimbabwe. Since 1949, it has been the leader in the real estate lending sector. More recently, the company has decided to extend its activity by offering a full range of commercial banking services and “bancassurance” products for private customers, SMEs and the business world in general.
Proparco’s financing will allow CABS to finance the development of its loan portfolio and increase the maturities of its lending to companies, in a country where financing solutions only have very short-term maturities.
By promoting access to long-term resources for Zimbabwean companies, this project will contribute to private sector development in the country. More generally, this operation will support Zimbabwe’s development, in a context of economic restructuring where there are significant financing needs. Through this transaction, Proparco also aims to act as a catalyst by attracting other foreign investors.