The European Investment Bank, Europe’s long-term lending
institution, has agreed a new lending programme with Bank of Africa Tanzania
that will support investment by small companies across the country. The
European Investment Bank will provide EUR 7 million (over 15 billion Tanzanian
shillings) that will be matched by Bank of Africa.
The new initiative was formally agreed in Dar es Salaam by
Pim van Ballekom, European Investment Bank Vice President for Africa, and
Ammish Owusu-Amoah, Managing Director of Bank of Africa Tanzania.
“Investment by small and medium sized companies is essential
to create new jobs and unlock business opportunities. We are pleased to have
signed a new partnership today with Bank of Africa Tanzania. The European
Investment Bank is committed to supporting private sector investment across
Africa and today’s new initiative demonstrates our continued commitment to
Tanzania.” said Pim van Ballekom, European Investment Bank Vice President.
“We are happy to receive these funds that will enhance Bank
of Africa Tanzania to reach more businesses. The SME segments are the Bank’s
preferred markets and of late more emphasize has been placed in areas with many
SME such as Dar es salaam, Arusha, Kilimnanjaro, Mwanza, Morogoro, Mbeya and
Kahama” commented The Managing Director & CEO Mr Ammish Owusu Amoah.
EU Ambassador Filiberto Ceriani Sebregondi applauded the new
initiative. "The European Union has a strong interest to promote equitable
growth and job creation in Tanzania. We work with authorities to improve the
business climate but ultimately it is the private sector that can create jobs
and deliver growth. The new lending programme by the European Investment Bank
and Bank of Africa offers a new opportunity to undertake that role."
It is expected that the new programme will support
investment by companies active across a broad range of sectors, such as
agriculture, fishing, manufacturing, transport, tourism, health and education
and is expected to help create hundreds of new jobs. Loans will be managed by
Bank of Africa branches across Tanzania and be provided to eligible companies
in Tanzanian shillings, US dollars and Euro.
The new engagement with Bank of Africa Tanzania is part of a
larger regional initiative to support private sector investment across seven
countries in East Africa and represents the second partnership with a local
bank in Tanzania through the East Africa Private Enterprise Finance Facility,
PEFF.
Over the last 5 years the European Investment Bank has worked with leading
banks across the region, such as Bank of Africa, and provided more than EUR 336
million for investment by local small and medium sized companies.
Source: www.eib.org
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