Africa-Press – Tanzania. CRDB Bank in partnership with USAID and US International Development Finance Corporation (DFC) will dish out 100bn/- in loans to various economic groups especially of women and the youth.
According to the partnership agreement signed in Dar es Salaam yesterday the money will be directed to entrepreneurs in education, health, small and medium sector as well as the informal sector.
The loans will have less stringent conditions.
The US Ambassador to Tanzania, Dr Donald J. Wright thus reaffirmed its government’s commitment to boosting the country’s economic growth through such partnerships.
“The US recognises that there is no single body that can solve Tanzania’s challenges. We are pleased with these two agreements with CRDB which will increase financial inclusion and empower key groups such as women and youths,” Mr Wright said.
The partnership, according to the Ambassador will enable CRDB, one of the largest lenders in the land, to expand its credit scope to women and youths while extending more loans to the education, health and informal sectors across the country.
The loans are designed to expand the scope of access to financial services for groups that have not yet been adequately reached by financial institutions and enable them to contribute to job creation and improved quality of life.
CRDB Managing Director, Abdulmajid Nsekela said the lender was pleased to work with USAID and DFC in supporting small businesses in the country.
“These SMEs are very important to the country’s economy and we believe this partnership will not only help expand our lending scope but also enable entrepreneurs to grow,” said Mr Nsekela.
“But the biggest step in this partnership is our commitment to motivate women and young entrepreneurs in their entrepreneurial journey.”
The Bank will provide loans to the health sector of up to 20.3bn/- to assist in the construction of hospitals, health centres, clinics, health facilities, pharmacies and obstetrics as well as the purchase of medical equipment.
On education some 37.5bn/- will be dished out to assist in the value chain of education including the establishment of nonprofit education, primary and secondary schools. Some 17.9bn/- will go to SMES focusing on trade in all sectors of the economy.
CRDB also will provide up to 23.1bn/- to support informal businesses from all sectors of the economy where priority will be given to business.
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