CRDB learns from Malaysia SME success

Dar es Salaam. CRDB Bank Plc has met government officials in Malaysia to learn how small and medium entrepreneurs (SMEs) have successfully built a robust economy in the Asian country.

Bank’s chairman Ally Laay and managing director Abdulmajid Nsekela led the delegation that met Undersecretary of the Policy and International Relations Division, of Malaysi’s Ministry of Entrepreneur Development and Cooperatives, Dr Syahira Binti Hamidon.

Malaysia is considered an ideal place where SMEs have played a key role in the growth of the Asian Tiger’s economy.

Dr Laay said CRDB Bank is seeking to back government efforts in speeding up economic growth with focus on SMEs that employ the bulk of youth and women in the country.

“We’ve been working with small and medium size enterprises for many years but our visit here is aimed at learning more on the latest good business practices that will be imparted to our local SMEs,” he said.

“At CRDB Bank we have developed a number of products targeting SMEs through our SME Banking Unit,” he said.

Some of the products are; Working capital loan, Investment loan, for the past three years we have dished out about Sh2 trillion,” said Mr Nsekela.

In her presentation, Dr Syahira Binti Hamidon said over 90 percent of businesses in Malaysia are SMEs.

These businesses are responsible for nearly 36 percent of the country’s GDP, 65 percent of employment, and nearly 18 percent exports.

“Currently we have a National Entrepreneurship Policy 2030 with focus on electronic commerce so that our SMEs should compete globally without hiccups,” she said.