TIME BANK OF ZIMBABWE LTD
RE-OPENING – PILOT LOAN FACILITIES
Time Bank wishes to advise that it intends to re-open in phases beginning 1 December 2021*.
Time Bank is also pleased to advise that it shall be putting in place “Pilot” Loan Facilities, with effect from 1 December 2021*.
(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) | Target market are small and medium scale exporters including first time exporters. |
| (b) | Maximum Loan Facility amount is US$ 10 000. |
| (c) | Interest rate is negotiable. |
| (d) | Loan amount can be increased on subsequent export loans depending on previous performance. |
| (e) | 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. |
| (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 is US$ 10 000 per Previous Farm Owner at any given time. Additional amounts will be given in due course. |
| (f) | A letter of confirmation from Government is required which confirms that the Government will repay the loan amount to Time Bank. |
(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 as approved 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 Loan Facilities
| (a) | The above-mentioned Loan Facilities are Pilot Loan Facilities. 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) Regulatory Approvals
| (a) | The change from Pilot Loan Facilities to bigger Loan Facilities will be done after approval by Reserve Bank of Zimbabwe and the Ministry of Finance and Economic Development. In the meantime Time Bank will seek such approvals. |
(7) Deposits
| (a) | Time Bank in terms of its business plan will not take deposits from the Public until further notice. |