Nelson Gahadza Senior Business Reporter NMB Holdings is stepping up lending to productive sectors of the economy, particularly mining, while pursuing new lines of credit and regional expansion as the…
Nelson Gahadza
Senior Business Reporter
NMB Holdings is stepping up lending to productive sectors of the economy, particularly mining, while pursuing new lines of credit and regional expansion as the financial services group seeks to consolidate growth and broaden its contribution to economic development.
Presenting the group’s half-year financial results for the period ended June 30, 2026, NMB chief executive Mr Gerald Gore said the bank had secured more than US$200 million in external lines of credit from international and regional financial institutions, with US$50 million drawn down during the first half and a further US$70 million expected before year-end.
“We are probably one of the leading banks with a diverse funding list as far as lines of credit are concerned.
“We have raised over US$200 million in external lines and this is riding on our solid business case. When they come to do their due diligence, they like what they are seeing in the business, but they are also quite happy with the governance structures that the bank has put in place,” he said.
The funding is expected to strengthen NMB’s capacity to finance businesses and productive sectors, particularly as the bank increases its exposure to mining, which has emerged as a major focus area.
Mr Gore said mining now accounted for 21 percent of NMB’s total loan book, reflecting the bank’s deliberate strategy to increase funding to a sector that remains the country’s largest source of foreign currency earnings.
The bank has also significantly increased its participation in the gold value chain, advancing more than US$60 million to the sector and attracting cumulative deposits of more than US$250 million from gold-related businesses.
“We have been quite deliberate about growing our participation in this sector. Mining now accounts for 21 percent of our total loan volume,” Mr Gore said.
The bank also participated in the US$110 million syndicated facility for Mutapa Investment Fund’s gold resources initiative, contributing US$15 million to the transaction.
“For me, the transaction underscored the strength of collaboration and mobilising capital for strategic national projects..
“It shows that collectively, as banks, we can facilitate funding and use global resources to fund national projects,” Mr Gore said.
