Ecobank Zimbabwe announced that it had just made a second withdrawal of $ 5 million from a global line of credit of $ 15 million, mobilized by its parent group Ecobank Transnational Incorporated. According to Daniel Sackey, the managing director of this subsidiary, the money will be used to support companies wishing to replace their equipment.
“Competitiveness is essential for Zimbabwe, several companies have not rebuilt their equipment for a long time, and today they are unable to produce at reduced costs, which disadvantages their products, compared to those from other countries, “said Sackey, according to comments reported by Zimbabwean media.
As for the strategy of the Pan-African group at the local level, it is a question of strengthening its presence through new services offered. With 15 agencies already operational, Ecobank Zimbabwe says it is looking for improved profitability. This subsidiary belongs to the Southern Africa cluster which, for the 2014 financial year, contributed $ 102 million in Net Banking Income, for a profit excluding taxes up 26% to $ 15.7 million
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