CRDB Foundation disburses Sh3bn in inclusive loans in Dar
Ilala District Commissioner, Mr Edward Mpogolo (right), hands over a motorcycle to one of the beneficiaries as CRDB Bank Foundation Chief Executive, Ms Tully Mwambapa (left) looks on. PHOTO | COURTESY
The loans, derived from 10 percent of the district’s own-source revenue, are part of government’s empowerment financing for the special groups
Dar es Salaam. CRDB Bank Foundation has facilitated the disbursement of inclusive loans worth Sh2.9 billion to youth, women, and persons with disabilities in Dar es Salaam in efforts to empower beneficiaries economically.
The loans, derived from 10 percent of the district’s own-source revenue, are part of government’s empowerment financing for the special groups.
Speaking during a ceremony at the weekend to hand over 11 motorcycles valued at Sh44 million to two groups, Titanic Bodaboda The Posh and Bodaboda Kisgo, Ilala District Commissioner, Mr Edward Mpogolo, has praised the foundation for the facilitation.
The motorcycles were insured and equipped with tracking systems to ensure security and accountability.
“While you receive motorcycles today, others are producing chairs, tables, and other furniture after receiving Sh150,000. Another group of five young people received Sh700,000, now worth over Sh850,000.
All this is implemented under the government’s good intentions, led by President Samia Suluhu Hassan, to empower young people economically. I thank CRDB Bank Foundation for facilitating these inclusive loans,” Mr Mpogolo said.
He also used the occasion to educate beneficiaries on the proper procedure for applying for the government-funded loans.
“Your vehicle should be properly insured and equipped with a digital tracking system. By following these procedures, you will safeguard your capital and sustain your business operations,” he added.
CRDB Bank Foundation Chief Executive, Ms Tully Mwambapa, expressed gratitude to President Hassan for entrusting financial institutions to manage the inclusive loan programme.
“I sincerely thank President Samia Suluhu Hassan for enabling the 10 percent loan facility for Tanzanians. I also extend my appreciation to the Minister of Local Government, Mr Mohamed Mchengerwa, for trusting CRDB Bank Foundation to deliver these loans in the model councils.
The motorcycles being handed over today would not have been possible without the vision of our leaders,” Ms Mwambapa said.
Since the programme’s launch earlier this year, in collaboration with council officials, CRDB Bank Foundation has received and processed loan applications from over 120 groups of women, youth, and persons with disabilities across various wards in Dar es Salaam.
During field visits, the foundation provides beneficiaries with entrepreneurship training and financial literacy sessions before disbursing the loans.
“These joint efforts have ensured that more entrepreneurs benefit from the investment.
CRDB Bank Foundation implements this inclusive loan programme efficiently and effectively, integrating its systems with the government’s Wezesha platform,” Ms Mwambapa said.
