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CRDB on a mission to attract FDI to Tanzania
CRDB Bank Group chief executive officer and managing director Abdulmajid Nsekela speaks at one of the meetings with investors during his visit to the United Kingdom. PHOTO| COURTESY
What you need to know:
- Led by CRDB Bank Group chief executive officer and managing director, Mr Abdulmajid Nsekela, the mission engages with global investors keen on emerging markets like Tanzania.
Dar es Salaam. A team of experts from CRDB Bank Plc is currently in London, in the United Kingdom, where it is introducing the lender and Tanzania in general to the global stage in an investment attraction mission.
Led by CRDB Bank Group chief executive officer and managing director, Mr Abdulmajid Nsekela, the mission engages with global investors keen on emerging markets like Tanzania.
In collaboration with JP Morgan, Afriexim and Standard Bank, Mr Nsekela’s team has so far met with asset managers, commercial banks and development finance institutions from the USA, UK, Europe, Middle East and Africa, the Tanzanian lender said in a statement yesterday.
“This collaborative effort encompasses a wide array of subjects, ranging from Tanzania’s investment opportunities, sustainable innovative financing, boosting intra-African trade, and promoting financial inclusion, especially through its foundation, CRDB Bank Foundation,” CRDB Bank said in a statement that was made available in Dar es Salaam yesterday.
Banking on Tanzania’s friendly investment policy, commitment to peace and stability, substantial debt capacity, and stable inflation rates, the country has what it takes to boost Foreign Direct Investment (FDI).
In 2022, CRDB Bank solidified its international strategic partnerships with renowned entities like Proparco, USAID, DFC, and IFC when it raised over Sh500 billion to boost lending to Small and Medium-sized Enterprises (SMEs).
Mr Nsekela is quoted as having told investors in London that the reforms being implemented by President Samia Suluhu Hassan’s administration have significantly improved Tanzania’s business environment and garnered the attention of investors.
“Tanzania’s economic resurgence extends across commercial and industrial domains, making it an alluring prospect for both domestic and foreign investors. The commitment demonstrated by our President has paved the way for these crucial engagements…,” he told investors during a meeting in London.
He said, with a presence in Tanzania, Burundi and the Democratic Republic of Congo (DRC), CRDB Bank was well placed to facilitate the financial needs of investors who seek to do business within the East African Community (EAC).
As a champion in sustainable financing, CRDB Bank’s CEO, Abdulmajid Nsekela, and his delegation also held discussions with anchor investors for the recently issued first-ever green bond in the country and the largest in the Sub-Saharan region, the “Kijani Bond.”
The Kijani Bond, which was opened on August 31, 2023, is an integral component of CRDB Bank’s multi-currency Medium Term Note (MTN) Programme valued at $300 million, and aspires to raise Sh40 billion with a green shoe of up to Sh15 billion.
“There are numerous international investors committed to investing in the Kijani Bond. The International Finance Corporation (IFC), a member of the World Bank Group, has committed to invest 40 percent in the Kijani Bond.” he revealed.
With a minimum investment requirement of Sh500,000 and an attractive interest rate of 10.25 percent, the bond offers a chance to grow wealth and become champions of sustainability, supporting the country’s development agenda.
