Harare | Afreximbank has granted property developer Exodus & Company a US$141 million credit to develop land for residential and commercial developments.
The agreement was inked on Saturday at the Intra-African Trade Fair (IATF2023), which is presently taking place in Egypt.
The corporation is responsible for creating the Madokero industrial park in Harare.
According to a statement issued following the agreement, the facility, which is for seven years, would be used to assist production by allowing Exodus to purchase and develop property for commercial and residential uses.
“This strategic partnership with Afreximbank represents a significant milestone for Exodus & Co, confidence and support by several stakeholders in the firm’s commitment to delivering high-quality and impactful infrastructural projects which can contribute to the socio-economic development of Africa,” Exodus CEO Progress Mambo said.
Exodus Makumbe, the chairman of the company, stated: “We will ensure the successful deployment of resources to expand our projects and also contribute to the broader economic progression and prosperity of the African continent as we swiftly move to formalise and conclude this ground-breaking agreement.”
According to real estate firms in Zimbabwe, there is a need for industrial space, particularly for storage and small manufacturers. This contrasts with falling returns on more conventional real estate assets, such as central Harare office space.
“In the industrial sector, demand remains strong but is largely unfulfilled due to limited supply,” according to a Knight Frank research from earlier this year.
Adding to the US$40 line-of-credit that CABS had obtained at IATF2023, the Exodus & Co. deal increased Zimbabwe’s total at the event to US$181 million.
The funds will be used by CABS to support its clients in manufacturing, mining, and agriculture. Over the course of the facility’s three years, the bank plans to target 573 SMEs.
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