 MicroKing Finance concluded and signed an $8million long term facility from FMO and PTA Bank for the benefit of small to medium enterprises. This is a culmination of discussions that started in 2010 amongst the three parties. MicroKing is a subsidiary of AfrAsia Kingdom Zimbabwe Limited and its mandate is to promote financial inclusion through provision of financially-empowering products to the low income earning sector. MicroKing Finance concluded and signed an $8million long term facility from FMO and PTA Bank for the benefit of small to medium enterprises. This is a culmination of discussions that started in 2010 amongst the three parties. MicroKing is a subsidiary of AfrAsia Kingdom Zimbabwe Limited and its mandate is to promote financial inclusion through provision of financially-empowering products to the low income earning sector.
Speaking at the signing ceremony held at a Harare hotel on Thursday last week, the Chief Finance Officer and member of FMO’S Management Board Mr Nico Pijl said that their decision to support MicroKing Finance was premised on the strategic focus of their bank in financing viable companies, projects and financial institutions from developing and emerging markets. “Our aim is to help promising enterprises to grow and flourish. FMO believes that entrepreneurship is key in creating sustainable economic growth and improving people’s quality of life. MicroKing Finance’ strategic objective in entrepreneurial development is in line with our focus,” said Mr Pijl. FMO (Financierings-Maatschappij voor Ontwikkelingslanden) is a Dutch development bank, one of the world's largest bilateral developmental financial institutions providing financing solutions for private companies in some 60 developing countries whilst The Eastern and Southern African Trade and Development Bank, commonly known as the PTA Bank, provides Project & Infrastructure Finance and Trade Finance as its core products and services. PTA Bank has its headquarters located in Bujumbura, Burundi and regional offices in Nairobi, Kenya and Harare. Mr Pijl’s comments were echoed by the President of Eastern and Southern African Trade Development Bank, Dr. Admassu Yilma Tedesse who said that the country has been starved of capital injection since dollarisation. He also commended the pace at which Zimbabwe has been coming up since the dollarisation of the economy. “The pace at which Zimbabwe has been coming up in the past three years has been positive and we have an important role to play as financiers,” said Dr. Admassu Yilma Tedesse. To show this commitment, Dr. Tedesse also disclosed that the bank has disbursed more than $200 million in the past few years to developing and emerging markets. Commenting on the negotiations which started two years ago, MicroKing Finance Board Chairman Ms S. Bango said, “The journey has not been an easy one but all parties kept their eyes on the ball and we now have the $8m facility from FMO and PTA.” She said the facility could not have come at a better time when the business in general is currently in dire need of adequate and appropriately priced funding since the onset of the multi-currency regime. “We believe we have now found partners to take us to the next level. MicroKing is a young and ambitious organisation which looks forward to use its dominant market position to achieve more superior financial performance in the coming years,” added Ms Bango. Remarking on the momentous occasion, the Managing director of MicroKing Mr. Tamirira Rusheche said “this marks the biggest leap forward that the business has had in terms of fundraising. It will go a long way in ensuring that we continue to open new frontiers and delight our clients nationwide. Easy access to financial products required by the low income people to move out of poverty and underdevelopment should become a reality during our time.” The strategic partnership with FMO and PTA is expected to leverage MicroKing Finance in its endevour to remain Zimbabwe’s leading microfinance institution. The signing ceremony was attended by officials from PTA Bank and FMO, AfrAsia Kingdom Zimbabwe Board Members and Staff. Source: http://www.kingdom.co.zw/media_centre_ak.php?linkid=111 Comments are closed.
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