The Reserve Bank of Zimbabwe (RBZ) has introduced the Targeted Finance Facility (TFF) to increase funding for productive sectors due to insufficient bank capacity.
The move aims to support Zimbabwe’s projected 6% economic growth in 2025 by providing working capital.
Key points: ?Loan Mechanism: Funds will be disbursed through banks, with no increase in money supply.
?Eligibility: Banks will lend to customers after vetting their creditworthiness.
?Loan Terms: •Maximum loan tenure: 270 days.
•Interest: Banks borrow at 20% and on-lend at a max of 30% per annum.
•Collateral required (e.g., foreign currency, gold-backed tokens).
?Disbursement: Loans to be processed within 72 hours upon meeting collateral requirements.
?Monitoring: Banks are responsible for monitoring loan use and performance.
?Penalties: Misuse of funds or non-compliance attracts penalty interest rates.
?Reporting: Banks must submit quarterly performance reports to the RBZ.
Zwnews
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