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Home Banking

CRDB, IFC ink $100 million partnership deal to support SMEs

by Editor
14/07/2022
in Banking, Economic
0
CRDB, IFC ink $100 million partnership deal to support SMEs
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CRBD Bank has sealed a deal with one of its long-standing partner International Finance Corporation (IFC) that seeks to empower Small and Medium Enterprises (SMEs) from Tanzania and Burundi.

The CRDB Managing Director Abdulmajid Nsekela (left) going through the partnership agreement before signing. Under the partnership, IFC –will be providing a $100 million loan to CRDB Bank Tanzania. Photo courtesy of CRDB

Under the partnership, IFC –will be providing a $100 million loan to CRDB Bank Tanzania whereby half will be in local currency and a $5 million loan to CRDB Bank Burundi to support lending to smaller businesses in both countries, especially for women-owned enterprises.

A statement seen by The Business Wiz said up to 25 per cent of the loan in Tanzania will be dedicated to women-owned businesses, increasing the availability of more extended tenor financing, which is not readily available in the market and has been scarce since the COVID-19 pandemic.

“We are happy to keep transforming the SME journey to build sustainable businesses with lasting impact because as Bank our evolution is centred on changing lives. We thank IFC – International Finance Corporation for ensuring we are delivering our philosophy through financial sector innovation, intuitive action and sustainable business,” the CRDB Managing Director Abdulmajid Nsekela said

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