Tanzania: CRDB, European Bank Sign Landmark Sh43 Billion Deal to Support Small Businesses

Wednesday, November 5, 2014

CRDB Bank and European Investment Bank (EIB) have signed a landmark 20 million Euros (about 43bn/-) agreement to support small scale businesses.

EIB Deputy Head of Regional Representation and Senior Loan Officer, Mr Nikolaos Milianitis, said at the signing ceremony that “CRDB Bank is part of the EIB’s broader support to microfinance lending in East Africa.”

In the past four years, EIB has committed over 100 million Euros to 10 different financial institutions in the EAC region.

The loan facility is the continuation of the EIB extended financial support to African countries to stimulate economic growth.

Through CRDB Bank, he said, it is possible to reach out small scale entrepreneurs, thus helping them to create wealth and contribute to economic growth.

Source: All Africa (link opens in a new window)

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microfinance, SME finance