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CRDB invites manufacturers to collect loans

CRDB Bank has invited manufacturers to approach the bank for loans, thanks to its outstanding deposits.

The lender, controls majority stake of over 20 per cent for both assets and deposits, said stands to support the nation industrialization policy.

CRDB Managing Director Abdulmajid Nsekela said the bank offers various loans including tailor-made at affordable rates to enable manufacturers to expand or establish new facilities.

CRDB assets have reached 6.2tri/-, which is 20 per cent of total market share while deposits approaching 5.0tri/- or 23 per cent of total deposits.

This made the bank the largest in the country in term of balance sheet. This is a second time in row CRDB is the main sponsor of the PMAYA.

For PMAYA 2018, the bank donated 70m/- (35,000 US dollar) Mr Nsekela said industries hold a big portion of the country ambition to attain a semi-industry economy by 2025.

Opening the President’s Manufacturer of the Year Award ceremony, Prime Minister Kassim Majaliwa said the government is determined to attain an industrial led economy coming 2025.

“However, to attain the target, industries contribution to GDP should reach 15 per cent from 8.5 per cent of last year,”, Mr Majaliwa said.

The PM, who represented President John Magufuli, said at least 4000 industries have been established last year. He assured the industrialists of government commitment saying they should always let it know in case of any challenging matter.

The Confederation of Tanzania Industries (CTI) Chair Subash Patel said members were facing some challenges, which include VAT refund delay and refund of 15 percent for Industrial sugar.

The Minister for Industries and Trade Innocent Bashungwa promised to amicably resolve the matter so as to bring a relief to industries and boost production.

CTI has over 470 members across the country.

AFTER the completion of 1.7bn/-worth of development projects ...

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Author: ABDUEL ELINAZA

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