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TLG to provide $10m financing to NMB bank in Zimbabwe.

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TLG Capital has structured USD $10 million financing with NMB Bank in Zimbabwe. The facility will be used to support infrastructure redevelopment.

Africinvest, FMO and Norfund invested in the bank earlier this year, each purchasing a minority stake of NMBZ’s shares behind African Century and Old Mutual; over 45% of NMBZ’s shares are now privately held by leading African PE and DFI investors. The new shareholders will provide technical assistance as well as experienced directors. In addition, NMB has loans from FMO and Norfund and has significantly increased its access to credit lines in the last year.

The deal team at TLG was led by Isha Doshi, Dominic Clive and David Harnett. Isha Doshi, partner at TLG Capital, said:

“Investment risk in Zimbabwe has been, and continues to be, mispriced. The adoption of the dollar in 2009 ended the country’s years of hyper-inflation almost overnight which in turn has catalysed growth. The recent political stabilisation combined with strong macro fundamentals make Zimbabwe an attractive investment destination with great upside potential. The financial services sector, as a highly defensible and systemic sector, represents the best opportunity for risk adjusted returns in the current environment.”

Francis Zimuto, the Deputy Group CEO of NMBZ Holdings, said:

“NMB Bank is excited at having concluded this transaction with TLG Capital as it demonstrates that the bank is an attractive destination for foreign lines of credit. The bank is actively looking at growing its portfolio of non-bank sources of funding. This transaction will therefore assist in that effort as it increases NMB Bank’s visibility within the international PE market.”

Media enquiries:

For further information please contact: Dominic Clive on +44 207 499 9591,

Notes to the Editor:

TLG Capital

TLG Capital was founded in 2009 with the belief that commercial and social returns can, and should, go hand-in-hand in frontier markets. TLG’s investment holding company structure allows it to efficiently deploy permanent capital to its portfolio companies while maximizing returns to investors. As a niche growth-capital financier of indigenous companies in frontier markets (active in Frontier Asia and Sub-Saharan Africa), TLG invests profitably with the caveat that its investments should have a socially beneficial impact.

More information about TLG can be found here:

NMB Bank Ltd.

NMB Bank is a registered commercial bank owned by NMBZ Holdings.
NMB bank was established in October 1992 as a merchant bank and acquired commercial banking license in December 1999. The bank offers a range of corporate finance & advisory as well as commercial and retail banking services. The bank operates 10 retail branches across Zimbabwe. NMB Bank enjoys a strong brand with an established niche in the corporate and high net-worth individual sectors.

More information about NMB can be found here:

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