On Tuesday, Stanbic Bank and EIB Global announced the launch of a €20 million credit line to support small and medium-sized enterprises (SMEs) and women entrepreneurs in Zimbabwe.
Nearly half of Zimbabwe’s SMEs are led by women; therefore, this credit line will address their funding needs.
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Empowering women entrepreneurs through financial inclusion
The credit line will provide longer-term loans at favourable conditions, explicitly targeting businesses owned or run by women, employing a substantial number of women, or offering services tailored to women. This supports the 2X Challenge, which aims to boost women’s economic engagement by strengthening finance and leadership.
Thomas Östros, EIB Vice-President, noted, “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. Backing women in business contributes to more sustainable and inclusive growth, strengthening communities”.
Solomon Nyanhongo, Chief Executive of Stanbic Bank, emphasised the initiative’s broader positive implications: “By supporting SMEs and enterprises owned or run by women and employing a number 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”.
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Supporting economic growth and job creation
As part of the EU’s worldwide Gateway Strategy, which emphasises gender equality and women’s empowerment while boosting sustainable investment, the €20 million credit line intends to close the worldwide investment gap.
Jobst von Kirchmann, Ambassador of the European Union to Zimbabwe, highlighted the initiative’s transformative impact: “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”.
The European Commission and EU member states promote Zimbabwean SMEs and women entrepreneurs through the African, Caribbean, and Pacific Trust Fund.
