Ecobank sinks $120m into Zimbabwe

Pan African bank, Ecobank Zimbabwe says it has extended and deployed $120 million in lines of credit harnessed from within the Ecobank group and external financiers to support both the local corporate world and government programmes.

Managing director Daniel Sackey said this on Saturday at the official opening of the banking group's new branch in the mining town of Bindura, which extended its branch network to 14.

"The bank has harnessed significant lines of credit from within the Ecobank group and external financiers to support local business and corporate.

"To date a significant portion of these has been committed to supporting the Zimbabwe Agenda for Socio-Economic Transformation (ZimAsset) programme launched by the government in October 2013 and has so far mobilised funds to the tune of $120 million deployed in different programmes under the government," he said.

Sackey said Ecobank, introduced in Zimbabwe in 2011 after taking over from Premier Banking Corporation, had seen a smooth transition of its operations within the country

"We have managed to convert it from a merchant bank to a full service bank providing a broad range of products and services to the government, financial institutions, multinationals, international organisations, medium, small and micro businesses and individuals," he said.

Sackey said his corporation has embraced the government economic blue print, ZimAsset programme by availing credit facilities to companies and individuals.

"It is our hope that the economy of the country will continue to improve and benefit from the policies being spearheaded by your government," he said

Ecobank Zimbabwe is a division of the Ecobank Group, which currently operates in 36 countries, and is a leading regional banking group in West and Central Africa serving retail and wholesale customers.

In 2013, Ecobank Zimbabwe achieved a $2,4 million profit from $0,75 million the prior year.