AfricaPress-Tanzania: CRDB Bank, the largest homegrown financial services provider, has been nominated for the prestigious African Banker Awards thanks to last year’s outstanding performance.
The lender’s efforts have not gone unnoticed after being nominated in two categories, Energy Deal of the Year and Infrastructure Deal of Year following its outstanding performance, posting a profit after tax of 120.1bn/-last year.
CRDB is involved in funding the two country’s mega projects; Stigler’s Gorge Rufiji Hydropower and Standard Gauge Railway (SGR).
Speaking on the nomination, CRDB Group CEO and Managing Director, Abdulmajid Nsekela said the nomination in African Banker Awards demonstrates their long-standing commitment to support economic development in the country.
“Our focus is to create an enabling environment for the government by pursuing mutual partnerships to mobilise the finances required for the development projects,” Mr Nsekela said through a release yesterday.
African Banker Awards is the one of most prestigious event in Africa’s banking and finance sector, The Awards, is held under the high patronage of the African Development Bank.
The annual event, which takes place during the annual meeting of the African Development Bank, highlights the achievements of companies and individuals that contribute to the transformation and development of Africa’s financial sector.
The Stigler’s Gorge Rufiji Hydropower Project, at 6.558tri/- , is East Africa’s largest hydro power station.
The Project is part of the broad government agenda to drive industrialisation, seeing that electricity is a key requirement in the process.
President John Magufuli is keen on reinvigorating the industrialisation drive, mooted during founding Father, Mwalimu Julius Nyerere’s tenure, under the 1967 Arusha Declaration on Socialism and Self Reliance.
CRDB Bank, in partnership with United Bank for Africa (Tanzania), have provided a 221 million US dollars (515bn/-) local bank guarantee, for the joint venture between Arab Contractors, Osman Ahmed Osman and Company and Elsewedy Electric S.A.E of Egypt (AC-EE JV), signed with the Tanzania Electricity Supply Company, (TANESCO).
The terms of the contract in the JV require foreign and local bank guarantees amounting to USD 737.5 million in form of performance guarantee and advance payment for the project.
The hydro power project is set to produce 2100MW of electricity to be added to the national grid.
The second project is the country’s first SGR which would speed up the country’s industrialisation drive.
The project which is expected to be implemented in five phases, will link Dar es Salaam and Mwanza and eventually Rwanda and Burundi.
The portion whose construction was launched is about 300 kilometres long, from Dar es Salaam to Morogoro. The project is undertaken by Yapi Merkez Insaat Ve Sanayi (Turkey) and Mota-Engil, Engenharie and Construcao Africa, SA (Portugal) at a total cost of 1.215 billion US dollars whereby CRDB has con-tributed 124 million US dollars for the same.
“The two projects are game-changers because they will transform the country’s economic prospects and attract investment in industries due to availability of affordable electricity as well as efficient transport services for the goods and services manufactured by those industries,” Mr Nsekela said.
Recently, CRDB has been accredited by UN Green Climate Fund in November 2019.
CRDB is one of the East Africa’s leading banks, serving individuals, micro, small and middle businesses and large corporations with a full range of retail, treasury, insurance, trade finance, syndications, premier banking, agriculture and microfinance service
