{"id":33747,"date":"2021-07-29T15:19:21","date_gmt":"2021-07-29T15:19:21","guid":{"rendered":"https:\/\/www.africa-press.net\/tanzania\/?p=33747"},"modified":"2021-07-29T14:18:32","modified_gmt":"2021-07-29T14:18:32","slug":"crdb-local-lenders-can-fund-mega-projects","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-local-lenders-can-fund-mega-projects","title":{"rendered":"CRDB: local lenders can fund mega projects"},"content":{"rendered":"

Africa-Press<\/a> – Tanzania<\/a>. <\/strong><\/span>CRDB Bank has said their involvement in the implementation of mega flagship projects is a clear indication that the local lenders have the ability to support economic growth using own sources.<\/p>\n

CRDB\u2019s CEO and Managing Director, Abdulmajid Nsekela said during the tour to the 2115 Julius Nyerere Hydro Power Project along Rufiji River that as a local bank owned largely by Tanzanians and Treasury, feel good to be associated with this mega project which is a strategic project by the government.<\/p>\n

\u201cWe are happy that this project is making good progress and according to engineers is on schedule which means Tanzanians should expect reliable supply of electricity by next June,\u201d he added while stressing that the bank is also supporting strategic state projects including Standard Gauge Railway (SGR) and rural electrification.<\/p>\n

The over 6.1tri\/- mega project which is the fourth largest in Africa has seen banking experts from CRDB team up with engineers from Tanesco and TanRoads to provide financing, supervision and consultancy where formerly only foreign consortiums would have prevailed.<\/p>\n

Mr Nsekela who accompanied the bank\u2019s board members led by Chairman, Dr Ally Laay, said CRDB is happy with the government and Tanesco\u2019s confidence in the bank which has enabled the Dar es Salaam based lender provide a guarantee of over 1.tri\/- to a joint venture of Arab Contractors and Elsewedy Electric of Egypt.<\/p>\n

\u201cThis is the first flagship project the bank is involved in financing and we are partnering with United Bank for Africa (UBA) where CRDB is a lead arranger,\u201d Mr Nsekela said adding as the Moody\u2019s rated B1 positive outlook rated bank has the muscles to provide financing for any strategic state mega projects.<\/p>\n

\u201cAs a bank, we will continue support efforts being made by the government to improve the lives of our people through encouraging private investments which create jobs and increase state revenue,\u201d the CEO said.<\/p>\n

The project\u2019s Resident Engineer, Engineer John Mageni and Tanesco acting Managing Director, Engineer Pakaye Daniel paid tribute to CRDB for supporting the project saying the financing has meant that all construction and supply works are on schedule.<\/p>\n

Eng Mageni who is Tanzania Engineering Consulting Unit (TECU) head of consulting engineers supervising the project said because of stable financing by CRDB, come June next year the nine turbines at the JNHPP will roar into life adding a staggering 2115MW into the national grid, which CRDB Chairman, Dr Ally Laay, wondered if the local market will absorb.<\/p>\n

\u201cI must thank the government for having confidence in us and decided to appoint Tanesco as supervisors,\u201d said Eng Pakaye who promised Tanzanians that better days are coming when power tariffs will likely go down.<\/p>\n

Eng Mageni said the joint venture of Arab Contractors and Elsewedy Electric is working hard to beat the next June deadline saying there are neither logistical nor financial challenges to delay completion.<\/p>\n

\u201cWe are confident that come next June the first unit of power generated will go into the national grid,\u201d Eng Mageni assured local consumers saying the world class mega project will completely changes lives in the country.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Tanzania. CRDB Bank has said their involvement in the implementation of mega flagship projects is a clear indication that the local lenders have the ability to support economic growth using own sources. CRDB\u2019s CEO and Managing Director, Abdulmajid Nsekela said during the tour to the 2115 Julius Nyerere Hydro Power Project along Rufiji […]<\/p>\n","protected":false},"author":84,"featured_media":33746,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[6990,6991,711],"class_list":["post-33747","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press-2","tag-africa-press-tanzania","tag-tanzania"],"yoast_head":"\nCRDB: local lenders can fund mega projects - Tanzania<\/title>\n<meta name=\"description\" content=\"CRDB Bank has said their involvement in the implementation of mega flagship projects is a clear indication that the loca ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-local-lenders-can-fund-mega-projects\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CRDB: local lenders can fund mega projects\" \/>\n<meta property=\"og:description\" content=\"CRDB Bank has said their involvement in the implementation of mega flagship projects is a clear indication that the loca ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-local-lenders-can-fund-mega-projects\" \/>\n<meta property=\"og:site_name\" content=\"Tanzania\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-29T15:19:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2021\/07\/img-6102b8a229720.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"729\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-local-lenders-can-fund-mega-projects#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-local-lenders-can-fund-mega-projects\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"CRDB: local lenders can fund mega projects\",\"datePublished\":\"2021-07-29T15:19:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-local-lenders-can-fund-mega-projects\"},\"wordCount\":527,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-local-lenders-can-fund-mega-projects#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2021\/07\/img-6102b8a229720.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Tanzania\",\"tanzania\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-local-lenders-can-fund-mega-projects#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-local-lenders-can-fund-mega-projects\",\"url\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/crdb-local-lenders-can-fund-mega-projects\",\"name\":\"CRDB: local lenders can fund mega projects - 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