British International Investment is committing $65 million across Zambia and Zimbabwe as it expands long-term financing for sustainable projects, agriculture and private-sector growth in two frontier African markets.
The package combines a $15 million anchor investment in Zanaco’s sustainability-bond programme in Zambia with $50 million of financing for CABS and NMB Bank in Zimbabwe. Alongside the capital commitments, BII is also expanding technical assistance aimed at improving investment readiness, strengthening local financial institutions and attracting more private capital.
Key Overview
- BII is committing $15 million to Zanaco’s sustainability-bond programme in Zambia.
- Zanaco’s broader medium-term note programme is sized at $100 million, with an initial planned $50 million sustainability-bond tranche.
- The bond will support renewable energy, climate-resilient agriculture, SMEs and social infrastructure.
- In Zimbabwe, BII is providing $30 million to CABS and $20 million to NMB Bank.
- The Zimbabwe facilities combine long-term lending with planned trade-finance support for agriculture and food-related businesses.
- BII is also launching Horizon Zambia to improve investment readiness and strengthen the local investment ecosystem.
Zanaco Bond Opens New Sustainable Finance Channel
In Zambia, BII is providing a $15 million anchor commitment to support Zanaco’s inaugural sustainability-bond issuance.
Zanaco has established a $100 million medium-term note programme, beginning with a planned $50 million sustainability-bond tranche for institutional investors. The transaction has been described as the first sustainability bond issued by a Zambian bank, giving it significance beyond the immediate capital raised.
Eligible projects include renewable energy, energy efficiency, climate-resilient agriculture, financial inclusion for small and medium-sized enterprises, affordable housing, healthcare and education.
The structure is intended to show how Zambia’s domestic capital markets can channel more long-term finance into projects with measurable environmental and social outcomes.
BII has also supported development of Zanaco’s sustainability-finance framework, helping prepare the bank to assess eligible projects and strengthen environmental and social standards.
Zimbabwe Package Targets Agriculture and Trade Finance
In Zimbabwe, the larger portion of the package is being deployed through two domestic financial institutions.
CABS is receiving a $30 million package comprising a signed $20 million term loan and a planned $10 million trade-finance facility. The financing will support agriculture, food manufacturing and productive investment, including machinery purchases, capacity expansion and export-oriented businesses.
NMB Bank is receiving a further $20 million, split between a $10 million directed-lending facility and a planned $10 million trade-finance facility. The new commitment builds on an earlier $10 million BII facility provided to the bank in 2024 and expands financing for agricultural businesses and exporters.
The combined structure addresses two common financing gaps: access to longer-tenor capital for investment in productive assets and access to trade finance for inputs, equipment and export transactions.
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Horizon Zambia Adds Technical Assistance
BII is also launching Horizon Zambia, a country-focused programme designed to strengthen the broader investment environment rather than provide capital alone.
The initiative will help businesses become investment-ready, assist investors in identifying opportunities and support market development through technical assistance, policy engagement and partnerships.
The programme builds on a Zambia pilot that supported 15 SMEs and helped facilitate about $8 million of investments.
This approach reflects a wider development-finance strategy in which capital is paired with technical support to improve the ability of local businesses and financial institutions to absorb investment.
BII Seeks to Crowd In More Private Capital
The $65 million commitment also highlights BII’s increasing focus on using development finance to attract additional commercial investors into markets where perceived risk can restrict access to capital.
In Zambia, the sustainability-bond programme could help create a benchmark for future thematic bond issuance. In Zimbabwe, working through established banks allows foreign development capital to reach businesses that may struggle to secure affordable long-term foreign-currency financing.
The long-term impact will depend on how effectively the funds are deployed and whether the transactions bring additional private investors into subsequent financings.
For both countries, however, the structure signals a shift toward financing models that combine commercial capital, local banking networks and development objectives rather than relying on traditional aid alone.
Sources: British International Investment / Zanaco / Lusaka Times / The Herald / Creamer Media
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