On 30 November 2016, the African Development Bank Group and the CRDB Bank Plc of Tanzania have signed a US$120 million loans agreement in Nairobi.
The loan will support infrastructure development, especially the power and transport sectors, which is a major constraint for Tanzania’s economic diversification and growth. The SME sector is also integral to creating more jobs. This project will support a wide range of SMEs across agriculture, construction, manufacturing, education and services in order to promote inclusive growth in the country.
The Line of Credit will help to scale up lending to SMEs and women enterprises in both urban and rural areas to create more jobs and promote inclusive growth for Tanzania’s economy by leveraging CRDB’s network of branches and banking agents. The LOC will potentially support regional trade and thus promote regional integration through expanding capacity of the country’s port and airport as well as stimulate tourism and government revenues in coming years.
Read the article online at: https://www.worldcement.com/africa-middle-east/01122016/afdb-and-crdb-bank-of-tanzania-sign-loan/