TIME BANK OF ZIMBABWE LTD
RE-OPENING – PILOT LOAN FACILITIES
Time Bank of Zimbabwe Ltd wishes to advise that it intends to re-open in phases from 27 October 2022 following authorisation by RBZ.
Time Bank is also pleased to advise that it has put in place the following “Pilot” Loan Facilities, with effect from 1 December 2022.
(1) Mortgage Loan Facilities
| (a) | Mortgage loan Facilities will be available in foreign currency on soft terms. |
| (b) | The target market are non- Resident Zimbabweans or Zimbabweans with lawful access to foreign currency. |
| (c) | The deposit for the purchase price, the loan amount for the balance of the purchase price and the loan repayment period are negotiable. |
| (d) | The mortgage loans are for housing schemes or properties approved by Time Bank. |
(2) Exporters’ Loan Facilities
| (a) | Exporters including small scale enterprises, medium scale enterprises and first time exporters. |
| (b) | Maximum Loan Facility amount is negotiable. |
| (c) | Interest rate is negotiable. |
| (d) | Purpose of loan is to provide pre and post export trade finance through loans, international debt factoring facilities, Letters of Credit (LCs), bills of exchange, performance guarantees and other trade finance instruments. |
(3) Loan Facility for Payment of Compensation to Previous Farm Owners
| (a) | Time Bank intends to provide a loan facility to Government from which Previous Farm Owners can be paid by Government their compensation amounts, subject to approval by Government. |
| (b) | The purpose of the facility is to finance the payment of compensations by Government to Previous Farm Owners (PFOs) who are covered by the Global Compensation Deed. |
| (c) | The compensation amount will be paid through Time Bank by Government to the previous farm owner and Time Bank will pay such compensation amount in US$ cash or bank transfer. |
| (d) | Interested previous farm owners will be required to submit application forms to Time Bank for payment. |
| (e) | The Maximum payment amount per Previous Farm Owner is negotiable at any given time, and such payment for such compensation can be full or part payment. |
| (f) | A loan agreement between Government and Time Bank will be negotiated and figured first. |
| (g) | Interested Previous Farm Owners will be required to submit application forms to Time Bank for repayment. |
(4) Loan Facility for Payment of Compensation to Other Groups of Zimbabweans
| (a) | The purpose of the facility is to finance the payment of compensations by Government to other groups of Zimbabweans who deserve compensation subject to approval by Government. |
| (b) | Time Bank has also submitted a proposal to the Ministry of Finance and Economic Development for approval on the payment of compensation to other groups of Zimbabweans who deserve compensation, and Time Bank awaits the necessary approvals. |
(5) Pilot Schemes
| (a) | The above-mentioned Loan Facilities are Pilot Loan Schemes. Thereafter Time Bank intends to arrange much bigger loan facilities for exporters, mortgage loan borrowers and for payment of compensation to previous farm owners under the Global Compensation Deed with Government. |
| (b) | Time Bank also intends to finance the payment of compensation to other deserving groups of Zimbabweans after approval by the Government. |
(6) Deposits
| (a) | Time Bank in terms of its business model will not take deposits from the Public until further notice. |
