CDC, Standard Chartered agree $100m facility to Zimbabwe firms

CDC Group, the UK's development finance institution, and Standard Chartered have announced an investment facility that will lend up to $100 million to growing businesses in Zimbabwe. The five-year facility will see CDC and Standard Chartered share the default risk on up to $100 million of new loans originated by Standard Chartered Bank Zimbabwe. The investment will be used for capital expenditure and for helping businesses meet their day-to-day financing needs. Recipients will likely include firms in the food processing, manufacturing and agriculture sectors.