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FBC Bank secures US$60m facility
27/08/2014 00:00:00
by Business Reporter
 
 
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FBC Bank has secured a US$60 million facility expected part of which will be used to finance the National University of Science and Technology (NUST)’s plan to set up the country’s first DNA testing laboratory.

Standard Chartered Bank, Commerzbank Aktiengesellschaft and Investec Asset Management Proprietary Limited acted as the joint mandated lead arrangers for the three-year facility.

In addition to the NUST project, the facility will help introduce liquidity into the market and allow FBC to support growth sectors seen as integral to long-term economic growth such as such as education, telecommunications and infrastructure.

“This syndication will not only support FBC’s successful business strategy in Zimbabwe, but also enable us to deliver tangible benefits and make a difference in the lives of individual Zimbabweans,” FBC Bank managing director, Webster Rusere said in a statement.

“The effective management of capital is essential for the well-being of our economy, and this transaction is a leading example of how Banks can come together to create positive and holistic solutions for multiple organisations and institutions.

“We appreciate being part of such a progressive financial partnership.”

Standard Chartered is jointly coordinating the facility with regional development financier African Export-Import Bank (Afreximbank).

Said Standard Chartered Zimbabwe CEO, Ralph Wantungwa: “Standard Chartered remains committed to using its strengths and capital to benefit and support the local economy.

“This is yet another example of our promise to be here for good and facilitate transactions which generate positive outcomes for many generations to come.

“Over the last 12 months, Standard Chartered has delivered over 300 million US dollars’ worth of support to key growth sectors in Zimbabwe, such as agriculture, trade, commodities and others – a 20 per cent increase from 2012.” 



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