Published: 22 August 2013

FBC Holdings is negotiating for a $10 million line of credit with an offshore investor to be repaid over 10 years, chief executive Mr John Mushayavanhu said.

The line of credit is being facilitated by Shore Cape, an international investor who recently bought 7 percent stake in the group.

"Shore Cape is actually assisting us in mobilising lines of credit from their investment partners and as we speak, we are talking to one of their partners who is prepared to give FBC Bank a line of credit of up to US$10 million over 10 years," he said.

"This is first for this country because previously, the line of credit we have been getting are lines that range one year to two years but for the first time, we are getting lenders who are prepared to lend money to this country for up to 10 years."

Mr Mushayavanhu said the cost of the money would be less that 5 percent per annum.
- herald

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