Tanzania: CRDB Secures 182bn/ - to Lend Women Enterprises

CRDB Bank has secured 182bn/- from private sector financier, Proparco to bolster the bank's lending capacity to micro, small and medium-sized enterprises (MSMEs) in the country.

The amount, in form of a credit line and two portfolio guarantees, will be channelled towards financing MSMEs in line with the country's economic growth agenda, focusing on women-led enterprises and those recovering from Covid-19 disruptions.

Proparco, an arm of Agence Française de Développement Group (AFD Group), provides funding and support to both businesses and financial institutions in Africa, Asia, Latin America and the Middle East.

CRDB Bank Group CEO and Managing Director, Abdulmajid Nsekela said yesterday in Dar es Salaam that the partnership was timely and would go a long way in revitalizing the MSME sector and spurring economic growth.

"The last three years have been difficult, particularly for MSMEs, as majority have grappled with a lot of uncertainty.

"We expect that this guarantee facility, alongside our innovative financial solutions, will provide the much-needed support to business owners and enable them to emerge financially healthier and stronger," Mr Nsekela said.

The credit line and portfolio guarantee granted by Proparco comprise of a 50 million US dollars credit line (115bn/-) to support the bank's financing activity towards MSMEs.

It will also help CRDB set up new, innovative products dedicated to the agricultural sector to increase the sector's resilience and capacity to adapt to climate change.

The Proparco Regional Director East Africa, Jean-Benoît du Chalardsaid that the credit line and two guarantees will contribute to Choose Africa, a French initiative launched in 2018 and dedicated to supporting African entrepreneurs, start-ups and MSMEs.

"Proparco is pleased to initiate this relationship with CRDB and to welcome it as a new partner of the Choose Africa initiative... Read more on All Africa

Source: All Africa