Access Bank Tanzania receives grant

Dec 14, 2009

The African Development Bank has signed an agreement with a Tanzanian bank aimed at improving private sector investment opportunities.

Access Bank Tanzania is to receive a $660,000 (883.4 million shillings) technical assistance grant from the Fund for African Private Sector Assistance - which is sponsored by the Japanese government and the African Development Bank - to help it hire a number of experts aimed at improving the institution's capacity to promote development and access to finance.

In addition, the Fund for African Private Sector Assistance will be used to meet the cost of introducing new IT systems and staff training programmes.

This announcement now means that a total of $23 million has been invested by the assistance programme in 28 projects throughout Africa.

Such changes come as it was revealed last month that the Bank of China had begun negotiations with the Tanzania Investment Bank on helping the African financial institution improve credit lines for farmers.