Norsad Capital partners with Infrastructure Development Bank of Zimbabwe

Recognising their common goals, the Infrastructure Development Bank of Zimbabwe (IDBZ) has joined forces with Norsad Capital, a provider of private credit to scalable businesses focused on growth.

The parties have signed an MoU which sets out the terms of the partnership. According to Kenny Nwosu, CEO of Norsad Capital, “Our agreement means that we will introduce each other to potential transactions and seek to collaborate and share risk. We each have our own expertise and funding models, and together we can provide far more in-depth insights when putting together a deal.”

Both financial institutions focus on providing much-needed capital to businesses, which can be used to promote economic growth and improve livelihoods. “We recognise that we share common objectives in terms of private sector development in Zimbabwe, and this is what drives our decision to collaborate with each other,” explains Zondo Sakala, the CEO of the IDBZ.

In terms of the agreement, the two parties will share contacts for potential business financing in Zimbabwe; assist each other when putting together sizable deals; and share investment opportunities of appropriate thresholds that meet the funding requirements of each party.

“In addition to the various benefits, it will be helpful for us to have a partner on the ground in Zimbabwe who has local knowledge and can provide us with insights on businesses located in the country that we are considering doing business with,” Nwosu says.

From a regional perspective, the deal fits the Norsad Capital focus on the Southern African Development Community (SADC), where Zimbabwe is located. “This is a region and market under-served by financial institutions, yet there are enormous business opportunities in the area,” says Nwosu, explaining the reason for the company’s focus.