The Zimbabwe Stock Exchange Limited (ZSE) has inked an agreement with the Harare Receivables Exchange Limited (HRE) expected to eventually lead to the establishment of receivables financing platform.
The development comes as Zimbabwe’s productive sector requires capital to reach full potential and start earning the much needed foreign currency.
Informing the latest development in Zimbabwe’s capital markets, ZSE said the two signed a Memorandum of Understanding (MOU) which forms a basis for ZSE and HRE to establish a framework in the development of a receivables financing platform.
“As the ZSE, we are delighted to be partnering with HRE, and we envision that over time, the receivables financing platform will grow to offer additional products that will provide the wider market working capital and other forms of financing,” said the ZSE.
“This collaboration will entail both parties having joint responsibilities in the establishment of a trading platform for receivables. Our mandate as the ZSE is to facilitate economic development of Zimbabwe and Africa, and we are excited that such partnerships with HRE, are positive strides in fulfilling our mandate,” the ZSE added.
The ZSE said it is looking forward to a successful partnership with HRE in ensuring the growth of the receivables financing platform.
HRE prides itself of being the “only” receivables focused, trading company in Zimbabwe and boasts of simplifying structured trade finance tools for the use of everyday working capital needs.