African Development Bank (AfDB) approves $50M to ABC Holdings in Botswana, Mozambique and Zimbabwe

BancABC, officially known as ABC Holdings Limited, is a pan-African financial services provider, headquartered in Gaborone, Botswana.

The Board of Directors of the African Development Bank Group (AfDB) through its private sector window approved on March 11, 2015 a US $50 million multi-currency line of credit (LoC) with a seven-year tenor to ABC Holdings Ltd. and its subsidiaries in Botswana, Mozambique and Zimbabwe.

ABC Holdings Ltd. (ABCH) is a rapidly growing financial institution targeting local small and medium enterprises (SMEs) in these countries covering various sectors such as construction, agriculture, manufacturing, transport and services. ABCH is gradually increasing its SME portfolio share targeting 30% by end 2018 as it plans to expand its retail network across countries.

The AfDB LoC will enable ABCH and its three selected subsidiaries to reach a larger number of SMEs across a wide range of sectors by offering medium- to long-term loans, which are not currently accessible for local SMEs.

Read more: AfDB approves US $50 million to ABC Holdings Ltd. in Botswana, Mozambique and Zimbabwe – African Development Bank.