Harare, 05 June 2019: Harare Receivables Exchange (Private) Limited (“HRE”), is pleased to announce the conclusion of a USD2 Million facility to support exporters through the African Export-Import Bank (“Afreximbank”).
This facility will allow HRE to support companies that are working diligently to export their products and services to reliable customers across the world.
HRE is committed to providing:
- Transparent, efficient and secure working capital solutions;
- Promoting Intra – African trade; and
- Integrating more Zimbabwean businesses into the global supply chain ecosystem.
Tinashe Tamba, a co-founder of HRE, believes that “This initial facility will enable Zimbabwean companies to focus on providing quality products and services while HRE waits up to 90 days for payment from their foreign customers. This will go a long way in promoting the growth of local and international trade for Zimbabwe. We are really excited and encourage companies to utilize this efficient working capital finance option. There is scope to increase this facility and create specialized facilities for clients depending on their needs.”
“This facility underpins the vital role of SMEs as suppliers and exporters within the fast-expanding supply chains in Zimbabwe and the southern Africa region,” said Kanayo Awani, Managing Director of the Intra-African Trade Initiative at Afreximbank and Chairman of the Africa Chapter of FCI . “With a minimum turnover of USD16 million over the two-year maturity period, the facility will greatly enhance HRE’s ability to provide liquidity to Zimbabwean SMEs and enable them to improve their cash flows.”
About Harare Receivables Exchange: Harare Receivables Exchange (“HRE”) is a flexible alternative finance partner focused on growing trade, improving financial inclusion and creating jobs. We believe that by helping businesses reduce the time in which they get paid by their customers, we increase the business’ ability to grow. Our working capital solutions give businesses timely access to discounting solutions in all key sectors of the economy. We pride ourselves in providing a secure, efficient and transparent way to finance working capital while meeting our client’s unique business needs. As a member of Factors Chain International (“FCI”) a global leader in Receivables Finance with other member companies operating in more than 90 countries HRE continues to be a pioneer in the Receivables Financing in Zimbabwe and the region.
About Afreximbank: The African Export-Import Bank (Afreximbank) is the foremost pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade. The Bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors. Its two basic constitutive documents are the Establishment Agreement, which gives it the status of an international organization, and the Charter, which governs its corporate structure and operations. Since 1994, it has approved more than $67 billion in credit facilities for African businesses, including $7.2 billion in 2018. Afreximbank had total assets of $13.4 billion as at 31 December 2018. It is rated BBB+ (GCR), Baa1 (Moody’s), and BBB- (Fitch). The Bank is headquartered in Cairo. For more information, visit: www.afreximbank.com
For more information or to register with HRE please contact us on:
Harare Receivables Exchange
64B Connaught Road, Avondale
+263 242 333 583