CBZ wins Afreximbank award

Published: 09 July 2013

CBZ Bank has been awarded the financial institutions award (gold category 2013) in recognition of its exceptional contribution to the work of the African Export Import Bank (Afreximbank).

The award, established in 2004, is granted to African and non-African financial institutions who, in the opinion of the regional bank, have made exceptional contributions to meeting the mandate and corporate goals of the bank.

In a statement, Afreximbank director of banking operations Amr Kamel said in granting the award it considered the lengths of the relationship between the bank and the institution, volume of business conducted with the institution, innovation in the use being made of the bank's products and performance record with the bank, among other factors.

"On behalf of the president of Afreximbank, I write to advise you, with pleasure that the awards committee of African Export-Import Bank has approved that CBZ Bank Limited be granted the bank's financial institutions award," Kamel said.

The award is designed to honour regional and financial institutions that demonstrate commitment to working with Afreximbank to develop trade finance in Africa, identify and implement suitable financing transactions to ensure the bank is able to meet trade financing needs on the continent.

CBZ Bank has been working with Afreximbank since 1998 when the bank received $10 million. The bank has since handled over $500 million in lines of credit of which $242 million was consummated over the last two years alone.

Afreximbank supported the economy by granting a $100 million future flow financing facility to CBZ Bank.

CBZ has also received several types of bilateral lines of credit and participated as an agent under Afreximbank's several facilities in Zimbabwe.
- newsday