CRDB touts its sustainable finance in IMF, WB meets
From left: CRDB Bank Foundation managing director Tully Esther Mwambapa, Permanent Secretary in the Ministry of Finance, Dr Natu El-maamry Mwamba, Bank of Tanzania Governor Emmanuel Tutuba, CRDB Bank Group CEO Abdulmajid Nsekela, and Zanzibar’s Finance Minister, Dr Saada Mkuya, in a group photo before entering one of the ongoing meetings at the Annual Meeting of the World Bank and the International Monetary Fund (IMF) in Marrakech, Morocco, yesterday. PHOTO | COURTESY
What you need to know:
- CRDB Group CEO, Mr Abdulmajid Nsekela said in Marrakech this week that the bank provides loans to thousands of SMEs, and has also issued a green bond, Kijani, as part of its sustainability agenda.
Dar es Salaam. CRDB Bank Plc has taken its empowerment agenda to the 2023 World Bank and International Monetary Fund (IMF) annual meetings, with its group CEO, Mr Abdulmajid Nsekela, detailing how the lender was working with Small and Medium Enterprises (SMEs) to support Tanzania’s economic growth ambitions.
Mr Nsekela, along with the managing director for the CRDB Bank Foundation and several other senior government officials, are currently attending the one-week World Bank and IMF annual meetings that started in Marrakech, Morocco, on Monday, October 9, 2023.
He said during discussions regarding the pivotal role of the financial sector in poverty eradication and tackling global challenges that CRDB Bank was dedicated to empowering SMEs due to their role in the economy.
According to Mr Nsekela, Tanzania’s SME sector comprises 3.2 million businesses. It contributes 27 percent to Tanzania’s GDP and supports the livelihoods of over five million people.
“In the heartbeat of Tanzania’s economic vitality, SMEs stand as the lifeblood, driving growth, generating employment, and fostering resilience. To truly boost the economy and eradicate poverty, one must invest in the spine of our nation—SMEs,” Mr Nsekela is quoted in a statement that was availed to The Citizen in Dar es Salaam on yesterday.
“CRDB Bank proudly stands at the forefront of this transformative journey, dedicated to empowering and propelling these enterprises towards sustainable success, thereby contributing significantly to the prosperity of Tanzania,” noted Mr Nsekela.
This year’s World Bank and IMF annual meetings theme focuses on eradicating poverty in a sustainable manner and navigating global challenges through innovative solutions.
According to Mr Nsekela, over the past three years, CRDB Bank has loaned a total of Sh3.4 trillion to over 50,000 SMEs.
The bank has also fostered strategic partnerships with international organisations such as Proparco, USAID, DFC, and IFC, whereby it has managed to raise over Sh500 billion to support the SME sector in Tanzania and other foreign markets where it operates.
In his speech, Mr Nsekela also highlighted the contribution of the newly established CRDB Bank Foundation in empowering the youth and women of Tanzania through its programme dubbed ‘IMBEJU’.
Through ‘IMBEJU’, the bank offers revolving grants, capacity-building, and mentorship in an effort to build an inclusive economy, foster economic growth, and generate employment opportunities.
On climate action, Nsekela highlighted CRDB Bank’s pioneering efforts in green project financing and its collaboration with the United Nations Green Climate Fund (GCF) to launch a $200 million Tanzania Agriculture Climate Adaptation Technology Deployment Programme (TACATDP).
This milestone was reached during the Africa Food Systems Forum (AGRF) meeting in Dar es Salaam recently.
The bank also issued the first ever green bond in the country and the largest in Sub-Saharan Africa called the ‘Kijani Bond’ for sustainability projects.
This year’s WB and IMF annual meetings serve as a platform for global leaders to strategize crisis management without compromising development objectives.
CRDB Bank’s CEO, Abdulmajid Nsekela, is actively leading the bank’s delegation in seeking business partnerships and collaborations with global financial institutions during the sideline meetings with the sole objective of driving financial inclusion and boosting its capital to invest in strategic sectors of the economy.
The Bank of Tanzania (BoT) Governor, Mr Emmanuel Tutuba, commended CRDB Bank for its proactive approach to forging strategic alliances, recognising its pivotal role in the country’s development agenda through public-private partnerships.
CRDB Bank’s strategic collaborations with international partners are poised to unlock significant financial resources within the country, paving the way for substantial economic enhancement.
Furthermore, the strengthened financial position resulting from the alliances is likely to attract investors, creating an environment conducive to further investment and development.
