Utrecht, 5 October 2023 –NMB Bank Zimbabwe and Rabo Partnerships entered into a multiyear partnership aiming to support NMB to become a dominant player in the Food and Agribusiness sector and to play a catalyst role in the development of the agricultural ecosystem of the country.
Zimbabwe boasts a vast and largely untapped food and agribusiness market. With its abundant natural resources and fertile arable land, the nation has the potential to cultivate a diverse range of crops and livestock. Situated in the sub-tropics of southern Africa and surrounded by land, Zimbabwe is uniquely positioned for agricultural prosperity. The Food and Agribusiness sector holds a pivotal role in the socio-economic fabric of the country. It is a major employer, supporting a significant portion of Zimbabwe's population. Furthermore, it stands as a cornerstone for ensuring food security within the nation. The agricultural sector consistently contributes an average of 12 percent to the annual GDP and accounts for 16 percent of the country's export earnings.
NMB Bank is embarking on an ambitious journey with a clear vision - to establish itself as a leading force within the food and agriculture sectors. Our goal is to facilitate access to financing within both the wholesale markets and among smallholder farmers, a commitment we are wholeheartedly dedicated to achieving in the years ahead. In the initial phase of our endeavour, NMB will establish strategic partnerships within key segments, including horticulture, grain & oilseeds, as well as dairy and poultry value chains. These partnerships will not only bolster our presence but also extend our support to encompass market identification. Leveraging our robust digital capabilities, NMB aims to go beyond traditional banking services. We aspire to provide premium support and services, empowering farmers on the fields as well as connecting them to international markets.
Rabo Partnerships will leverage on Rabobank’s enablers such as knowledge and networks to guide NMBZ grow its agriculture portfolio. Rabobank is a prominent Dutch multinational banking and financial services institution with a rich history and a global presence. Headquartered in Utrecht, Netherlands, Rabobank operates on cooperative principles and has deep roots in the Dutch financial landscape. With around 43,361 dedicated employees (in full-time equivalents), Rabobank Group has presence in 38 countries and has a EUR74.2billion loan book to the Food and Agriculture sector, making it one of the world’s leading financial services provider for this sector. The group has total assets amounting to EUR630.2billion as June 2023.
CEO of NMB Bank, Mr Gerald Gore:
‘Given how central agriculture is to the Zimbabwean economy, in Rabo Partnerships, we have found a great partner, not only critical to the bank, but to the country. We view this partnership as transformational to the agriculture sector and we are positive that over the next 3 years, we will position ourselves to be a significant player in this sector. ‘
Mrs. Juliette Hensgens, Senior Project Manager at Rabo Partnerships, and Program Lead;
‘It is impressive to see the enormous potential in the Food & Agribusiness Market and NMB is well positioned to service this important sector. We cannot wait to join forces to realise NMB's ambition to become a key player in the Food and Agri sector.’