Zimbabwe’s banking sector has unveiled a financing blueprint it believes can mobilise the US$10 billion needed to expand the country’s mining industry over the next five years, with syndicated corporate lending expected to provide nearly half of the capital required to develop new projects and expand existing operations, Mining Zimbabwe can report.
By Ryan Chigoche
The proposal comes as the Chamber of Mines of Zimbabwe estimates the industry will require about US$10 billion in fresh investment over the next five years to sustain production growth, develop new mines, and expand existing operations, underscoring the scale of the financing challenge facing one of the country’s largest export sectors.
Speaking on the first day of the Mine Entra 2026 Suppliers, Energy and Infrastructure Symposium, CBZ Holdings Divisional Director for Corporate Banking, Lawrence Nyazema, said banks were reshaping their approach to mining finance through a mix of corporate lending, equipment finance, trade finance, and supplier finance, with corporate loans expected to anchor the strategy.
“I go back to the US$10 billion challenge and try to answer the question: Where is the funding going to come from in the next five years? We believe that US$4 billion to US$5 billion will come from corporate lending,” he said.
Nyazema argued that Zimbabwe’s banking sector had already shown it could structure financing on a scale previously considered beyond the reach of local lenders.
He pointed to the recently concluded US$125 million syndicated facility for Mutapa Gold Resources, arranged by eight domestic banks, as evidence that financial institutions were increasingly willing to pool capital to fund large mining investments.
The transaction, involving CBZ Bank, Ecobank Zimbabwe, CABS, ZB Bank, NMB Bank, FBC Bank, First Capital Bank, and AFC Commercial Bank, is being viewed as a template for future syndicated mining finance deals.
That momentum, Nyazema said, is expected to continue.
“The same group of financial institutions is targeting the close of another US$150 million syndicated financing facility by the end of August for a new gold mining project, while similar funding structures are also being explored for a platinum development.”
Even so, he acknowledged that domestic banks alone cannot meet the industry’s financing needs.
With total banking sector deposits standing at around US$6 billion, Nyazema said partnerships with regional and international development finance institutions would remain critical to mobilising long-term capital for mining projects.
“I’ve already said total deposits are about US$6 billion. I would want to take this opportunity to thank and applaud the support that we get from our regional financial partners, the likes of Afreximbank, AFC, and Standard Bank. Our all-weather financial partners will come to the party, but we have to make sure that our projects are creditworthy and bankable,” he said.
Nyazema said the financing model extends beyond corporate lending.
Equipment finance, where mining machinery serves as loan collateral, could contribute between US$1 billion and US$2 billion, while trade finance could unlock a further US$2 billion to support the importation of equipment, consumables, and other operational inputs.
He also identified supplier finance as a key pillar of the strategy, estimating that around US$1 billion could be directed towards manufacturers, contractors, and service providers supplying the mining industry, helping them access the working capital needed to execute mining contracts.
“This is the US$1 billion that will be set aside for you to carry out your activities,” he said.
Taken together, the proposed financing streams could mobilise between US$8 billion and US$10 billion, bringing the Chamber’s investment target within reach through a combination of domestic lending, structured finance, and support from development finance institutions.
The strategy marks a broader shift in Zimbabwe’s banking sector towards syndicated lending, allowing financial institutions to share risk while financing increasingly capital-intensive mining projects. For an industry constrained by limited access to affordable long-term offshore capital, the focus is increasingly shifting from identifying the funding requirement to assembling the financial structures needed to meet it.
“I truly believe that the giant has woken up. I am of the view that the financial services sector has finally started to play its role,” Nyazema said.
