The African Export-Import Bank (Afreximbank) has provided a $15 million financing facility to Ecobank Zimbabwe to assist small and medium-sized enterprises focused on exports. The funding, part of Afreximbank’s Export SME Development Programme (ESDP), supports businesses in agribusiness, manufacturing, healthcare, logistics, technology, and creative industries.
The facility will offer working capital and capital expenditure financing to SMEs within export value chains. Afreximbank stated that 43.75% of the funds will promote intra-African trade, while 18% will go toward manufacturing to advance industrialization objectives.
Oluranti Doherty, Managing Director for Export Development at Afreximbank, explained that the program aligns with the bank’s mission to address financing gaps in African trade. She emphasized the institution’s dedication to helping SMEs drive export growth and economic stability. The initiative also includes efforts to strengthen operational capacity, enabling businesses to join regional and continental supply networks.
The new facility seeks to reduce barriers for SMEs by combining financial support with technical assistance in areas like financial management, export readiness, and digital tools.
The partnership with Ecobank Zimbabwe merges Afreximbank’s trade finance experience with the bank’s local SME services. Moses Kurenjekwa, Managing Director of Ecobank Zimbabwe, described the collaboration as a way to unlock SME potential. He noted that small businesses thrive when they have access to export-linked financing, allowing them to expand, hire, and compete regionally.
Their joint efforts began in 2018, with both institutions working to improve SME access to funding and export opportunities. The ESDP functions as an ecosystem intervention, offering capital, skill-building, and market connections to help businesses enter competitive export markets.
Zimbabwe’s economy benefits from its position along major Southern African trade routes, such as the North-South Corridor between Dar es Salaam and Durban and the Beira Corridor linking landlocked economies to Indian Ocean ports.
SMEs remain vital to Zimbabwe’s economy but often encounter higher borrowing costs and shorter repayment periods than larger firms. Development finance institutions have increasingly focused on this sector, recognizing that export-oriented SMEs can help diversify the economy beyond mining and agriculture. However, ensuring funding reaches businesses in rural areas, where infrastructure and market access are limited, remains a challenge.
The ESDP’s technical assistance includes training in financial management and export compliance. Ecobank Zimbabwe plans to use its local presence to select borrowers and track their progress, lowering default risks while helping businesses grow.
Doherty highlighted that the program’s effectiveness will depend on SMEs’ ability to meet regional trade standards, including those under the African Continental Free Trade Area. Export compliance requires businesses to adapt quickly to remain competitive.
The goal extends beyond providing capital. It aims to ensure these enterprises can sustain their position in export markets.
