Exim Bank Board Chairman Yogesh Manek
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Exim Bank secures $15 million loan from PROPARCO to support SMEs
EXIM
Bank Tanzania has secured a USD 15 million (about TSH 24.7 billion)
loan from PROPARCO, a French international development finance
institution.
The
financing will be used for onward lending to support Exim Bank’s
growing Small and Medium Enterprise (SME) customers and primarily those
requiring medium to long-term credit facilities. The
mission of PROPARCO is to boost private investment in developing
countries with the aim of supporting growth and sustainable development.
The
loan to Exim Bank has been extended at very competitive terms and is
the fourth time PROPARCO has supported the Exim Bank Group. Exim
Tanzania earlier received two successive loans from PROPARCO. Exim Bank
Comoros, a subsidiary, was approved Euro 4 million from PROPARCO for
SME lending across the chain of islands.
According
to a press statement issued by the Chairman of the Board of Exim Bank,
Mr Yogesh Manek at the weekend, the loan will go a long way to help to
find solutions for the long term credit needs of the bank’s business
customers.
“We
are quite pleased with the continued confidence reposed by PROPARCO in
the Bank. Our customers will surely welcome longer term credit at
competitive rate,” Mr Manek said. Mr
Manek further stated that his bank is committed to financing the
requirements of small, medium and large enterprises to help accelerating
economic development in the country.
“Our
long-term relationship with PROPARCO and other key Development Finance
Institution (FDIs) is built upon the bank’s posting sustained
quantifiable achievements.
Since
the commencement of Exim Bank in 1997, the bank has shown consistent
growth in terms of deposits, assets and geographical reach.” He added. The
PROPARCO’s East Africa Regional Representative, Aïnaché Guédi;
re-affirmed his organisation’s commitment to help building sustainable
local financing capacity across Africa.
“We
are very proud to support a strong and dynamic player such as Exim
Bank. This new operation is the continuation of a long term partnership
between Exim Bank and PROPARCO. It is the sign of our commitment to
support its long-term strategy, notably in favour of SMEs which are
vital to economic growth and development in Sub-Saharan Africa” he said.
In
a similar development, Exim Bank in December 2011 secured a USD 10
(about 16bn/-) loan from FMO, a Dutch Development Finance Institution,
that also contributed to the revitalization of the fiscal environment in
the country's banking sector.
With
its latest results, Exim Bank has consolidated its balance sheet thus
enabling the bank to cross the much anticipated trillion milestone with
assets of TSH 1.02 trillion at June 2013.
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