From The Rio Times · Amina Diarra · · 1m 10s
CRDB Bank Signs US$75 Million Dutch Loan
CRDB Bank secures US$75 million Dutch loan to boost small business lending in Tanzania.
In brief
CRDB Bank secures US$75 million Dutch loan to boost small business lending in Tanzania. CRDB Bank signed a US$75 million, 10-year financing facility with FMO to strengthen Tier II capital and expand micro, small and medium business lending in Tanzania. Originally reported by The Rio Times.
CRDB Bank Signs US$75 Million Loan
Tanzania's CRDB Bank signed a US$75 million, roughly 10-year financing facility with FMO on Thursday 15 October.
FMO Facility Purpose
The money strengthens CRDB's Tier II capital and expands lending to micro, small and medium-sized businesses.
European Commission Guarantee
The FMO facility is backed by the European Commission's MSME Platform Guarantee.
Shelter Afrique Facility
CRDB's Shelter Afrique Development Bank facility for its DRC unit is US$10 million, with total US$36 million including DRC.
Bangkok Forum
CRDB hosted its Africa Investor Forum in Bangkok on 15 October with Invest Africa.
What's Unknown
Interest rates, fees, disbursement dates and repayment schedule remain undisclosed.
What It Means for US Readers
The US dollar-denominated loan shows East African banks using development finance to rebuild capital and lend to small businesses.
The headline
CRDB Bank signed a US$75 million, 10-year financing facility with FMO to strengthen Tier II capital and expand micro, small and medium business lending in Tanzania.
