The African Development Bank (AfDB) is continuing its endeavour to grow the small and medium-sized enterprise sector in the East African region with a new loan agreement with CRDB Bank Plc of Tanzania.
CRDB will receive $120 million Line of Credit (LoC) to fund SMEs across the agriculture, construction, manufacturing, education and services sectors.
The loan will also go towards infrastructure development focusing on the power and transport sectors, a key constraint for Tanzania’s economic diversification and growth.
The LoC will leverage on CRDB’s countrywide network of branches and banking agents to particularly scale up lending to women enterprises in both urban and rural areas, creating more jobs and promoting inclusive growth in the country.
