Zimpapers Logo

Natasha Chamba, Business Reporter
ECONET subsidiary, Steward Bank has pledged to advance up to $100 million to the health sector to facilitate the recapitalisation and modernisation of commercial health care facilities in Zimbabwe.

The bank’s chief executive officer, Dr Lance Mambondiani, said they were committed to restoring Zimbabwe’s healthcare sector to international standards.

“Steward Bank together with the Econet Group is committed to the restoration of Zimbabwe’s healthcare sector to world standards. This fund is our first step in providing practical and tangible assistance to the medical sector to recapitalise and retool,” he told Business Chronicle.

“We are also interested in working with the sector to explore service delivery using latest world class technologies and capabilities. We believe that a healthy nation is a wealthy nation.

“We are excited to play our part in addressing some of the challenges that have been experienced by this critical sector in the last few years.”

The proposal was initially announced at the recent Zimbabwe Medical Association (ZIMA) 2018 conference held in Harare. The fund is expected to reintroduce quality healthcare in Zimbabwe and also provide consistent and equal healthcare services for all. It is also targeted at the provision of funding to hospitals, clinics, medical laboratories and all specialist practitioners.

The products and services available under this fund include commercial mortgages, asset financing for equipment, working capital and funding for the outright purchase of finished buildings or land, as well as renovation of existing medical facilities.

Asset financing for equipment will facilitate the purchase of medical equipment providing medical practitioners with the capacity to import the latest medical technologies and modernise the private healthcare sector.

The healthcare fund will service providers to alleviate cash flow pressures and ensure maximum business viability and sustainability. This facility will assist in financing the restocking of drugs and carries a maximum tenure of 12 months.

In addition, the bank will also discount claims for Steward Health for immediate settlement.