Supporting trade is a key priority of the African Development Bank, the Head of Trade Finance, Lamin Drammeh said, following the approval. “Trade finance is essential for Africa’s economic development, facilitating both domestic and international trade, boosting economic growth and promoting regional integration.”
Small and medium-sized enterprises (SMEs) make up over 90% of Tanzanian businesses and account for a third of GDP. However, a $1.3 billion annual trade finance gap limits progress and continues to hold them back.
“SMEs and corporates are vital engines of industrialization, innovation, and job creation, and this facility will remove barriers to cross-border trade while opening doors for new partnerships with global and regional financial institutions,” Jaffari Matundu, Chief Executive Officer of Exim Bank Tanzania Limited said.
Key sectors such as agriculture, health, energy, and manufacturing will benefit by supporting the imports of essential goods such as fertilizer, pharmaceuticals, and farming equipment, as well as the export of Tanzanian commodities like coffee, cashew, and cotton.
Exim Bank is Tanzania’s fourth largest bank, with operations in Uganda, Djibouti, and Comoros. The facility will be implemented through agreements with Exim and participating confirming banks.
This project aligns with the African Development Bank’s 2024-2033 Ten-Year Strategy, the 2021-2025 Tanzania Country Strategy Paper which prioritizes improved private sector business environment for job creation through improved private sector access to finance, and the government’s Tanzania Vision 2025, which emphasizes a strong, competitive economy.
“This partnership with Exim Bank Tanzania demonstrates the African Development Bank Group’s commitment to reducing Tanzania’s trade finance gap, empowering local businesses to compete globally and create more jobs across the country,” Drammeh said.
Master KG (South Africa)
Most Famous Song: “Jerusalema” (featuring Nomcebo Zikode)
Short Bio: Kgaogelo Moagi (born 1996), professionally known as Master KG, is a South African record producer and DJ. He gained global recognition for his hit song “Jerusalema,” which became a viral sensation during the COVID-19 pandemic, inspiring dance challenges worldwide. He is a pioneer of the Amapiano music genre.
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Hedgeh0G2
Ukraine: You have two cows. One of them feeds on American grass, the other feeds on Russian grass.
metal lady
Fun South African Fact: South Africa is home to the world’s longest wine route: Route 62. It spans an impressive 850 kilometres and the excellent wineries along the way are a must-visit for lovers of fine wine! You can even enjoy the winelands on a day trip from Cape Town. Travel 40-min to an hour outside of the city centre to enjoy decadent wine tastings and even wander through some of the beautiful wine farms and estates! Suburbs like Durbanville and Constantia are even closer to the city centre and are also home to many exceptional wineries.