The government of Zimbabwe last year appointed Neverseez and Musa Capital as financial advisors for the restructuring of Agribank.
The main aim of the advisors was to assisting the acquisition of a strategic investor that will support government operations of the bank by providing equity finance and lines of credit and offering other strategic support services such as technical assistance, capacity building and information technology enhancements.
In this respect Musa is proud to announce that Agribank has secured a USD30 million line of credit from the Industrial Development Corporation of South Africa to support local industry. The IDC is a self-sustained state owned national development finance institution set up to promote economic growth and industrial development. Approval of the loan demonstrates the IDC’s confidence in the state owned bank after South African firm extended a similar amount in 2011 in support of the local banks operations.
The bulk of the six year facility is aimed at agro-focused businesses such as seed and fertiliser production, horticulture, cotton, dairy, tourism and tea with USD5million earmarked for Greenfield energy projects.
Musa Capital is proud to be part of this drive by the Agribank to capacitate the local industry in Zimbabwe and will continue to assist and facilitate the mobilization of resources to support agriculture in Zimbabwe.