- The EIB Global facility will support businesses owned by women, run by women, employing or serving women, in line with the 2X Challenge.
- The credit line will offer longer-term loans tailored to the needs of small businesses. It will help to grow the economy and create decent jobs by boosting private-sector investment.
- The EIB loan is backed by the European Commission and European Union member states through the African, Caribbean and Pacific Trust Fund.
The European Investment Bank (EIB Global) and Stanbic have launched a €20 million (ZWG 525.9 million) credit line, to provide longer-term loans at favourable conditions to small and medium-sized businesses (SMEs) in Zimbabwe. The facility will focus on SMEs and businesses owned or run by women, which employ a significant number of women, or which offer services specifically to women.
The African continent has one of the highest percentages of women entrepreneurs in the world. More than half the SMEs in Zimbabwe are led by women, while over half of Zimbabwean companies say that limited access to credit is preventing their growth. Worldwide, women-run businesses are less likely to be able to access the finance they need. In line with the EU’s Global Gateway which contributes to narrowing the global investment gap worldwide, the EIB-Stanbic facility will address this financing gap with financial tools targeting the needs of women entrepreneurs and advance women’s economic empowerment in Zimbabwe. It contributes to the 2X Challenge, an initiative to mobilise investment that increases women’s participation in the economy in emerging markets, by improving women’s access to finance, leadership opportunities and quality employment.
“With over half of the SMEs in Zimbabwe owned by women, EIB Global support for these businesses will have a real impact on economic growth, jobs and prosperity,” commented Thomas Östros, EIB Vice-President responsible for operations in the country. “Backing women in business contributes to more sustainable and inclusive growth, strengthening communities.”
“This initiative aligns with our core belief that Zimbabwe is our home, we drive her growth. By supporting SMEs and enterprises owned or run by women and employing significant numbers of women we are fostering economic inclusion and national development. By empowering SMEs and women-run businesses we are empowering families, communities, and ultimately, the nation. Through this partnership, we are committed to driving meaningful change and unlocking opportunities for women entrepreneurs and SMEs across Zimbabwe through provision of much-needed medium-term funding,” said Solomon Nyanhongo, Chief Executive of Stanbic Bank.
Jobst von Kirchmann, Ambassador of the European Union to Zimbabwe, added, “Investing in women is investing in Zimbabwe’s future. Through the Team Europe Initiative on Gender Equality and Women’s Empowerment, the EU and EU Member States are working together to create a transformative impact for Zimbabwean women. This dedicated credit line complements Team Europe’s efforts on the ground in implementing the Global Gateway Strategy – we are not only unlocking opportunities for women entrepreneurs but also driving inclusive economic growth. This partnership between the EU, EIB Global, and Stanbic demonstrates our commitment to women’s economic empowerment and financial inclusion, creating jobs, and strengthening Zimbabwe’s private sector.”
The EIB loan is backed by the European Commission and European Union member states through the African, Caribbean and Pacific Trust Fund (ACP Trust Fund).
Background information
About EIB Global
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. We aim to support €100 billion of investment by the end of 2027 — around one-third of the overall target of this EU initiative. Within Team Europe, EIB Global fosters strong, focused partnerships alongside fellow development finance institutions and civil society. EIB Global brings the EIB Group closer to people, companies and institutions through our offices across the world. High-quality, up-to-date photos of our headquarters for media use are available here.
The 2X Challenge is an initiative to mobilise investment that increases women’s participation in the economy in emerging markets, by improving women’s access to finance, leadership opportunities and quality employment. To improve the impact of its activities on women and girls, the EIB has adopted a Strategy on Gender Equality and Women’s Economic Empowerment and a Gender Action Plan with the aim of embedding gender equality and, in particular, women’s economic empowerment in the EIB’s business model covering its lending, blending and advising work within and outside the European Union.
More information on EIB gender equality initiatives
Global Gateway is the European strategy to boost smart, clean and secure connections in digital, energy and transport sectors, and to strengthen health, education and research systems across the world. Through a ‘Team Europe approach’, Global Gateway brings together the EU, its Member States and their financial and development institutions to mobilise the private sector to leverage investments promoting sustainable growth.
Between 2021 and 2027, Team Europe is mobilising up to €300 billion of investments for sustainable, transformational and high-quality projects, taking into account the needs of partner countries and ensuring lasting benefits for local communities. This allows EU’s partners to create resilient and sustainable societies and economies, but also create opportunities for the EU Member States’ private sector to invest and remain competitive, whilst ensuring the highest environmental and labour standards, as well as sound financial management.
More information on Global Gateway
Stanbic Bank and EIB Global launch €20 million credit line for SMEs and women entrepreneurs in Zimbabwe
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Stanbic Bank and EIB Global launch €20 million credit line for SMEs and women entrepreneurs in Zimbabwe
©EIB
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Stanbic Bank and EIB Global launch €20 million credit line for SMEs and women entrepreneurs in Zimbabwe
©EIB
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