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

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.

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