Tanzania: AfDB grants $120m line of credit to CRDB Bank
It will help finance infrastructure and SME projects.The African Development Bank(AfDB) has approved a $120-million line of credit to CRDB Bank that will help finance infrastructure and Small and Medium-sized Enterprise (SME) projects in Tanzania.
" The funding support infrastructure development, which is a major constraint for Tanzania's economic growth ", said the AfDB in a press release.
By leveraging CRDB's branch network and agents, it will also scale up lending to SMEs and women enterprises in both urban and rural areas to create more jobs and to promote inclusive growth for Tanzania's economy.
In addition, the line of credit is expected to spur regional trade and promote regional integration through expanding capacity of the country's port and airport.
CRDB, the largest commercial bank in Tanzania, has a wide geographical coverage, with over 120 branches across the country.
Since 2008, it has expanded its SME loan portfolio and has partnered with more than 2,125 agents or non-banking intermediaries to widen its reach.