DODOMA: CRDB Bank has officially signed an agreement with the government to oversee the management of 10 per cent of the municipal loan funds intended to empower women, youth and special groups.
CRDB, the largest lender in the country, has been entrusted with overseeing the funds in five municipalities namely Dar es Salaam City, Dodoma City, Kigoma Municipality, Mbulu Town Council and Nkasi District Council.
The CRDB Bank Foundation Managing Director and Director of Corporate Affairs, Ms Tully Esther Mwambapa, said yesterday that they will leverage their expertise in financial inclusion and capacity building to ensure the effective distribution and management of these loans.
“This initiative aligns seamlessly with our ongoing efforts under the IMBEJU programme, which focuses on empowering small businesses and entrepreneurs.
“Through financial education, business mentorship and structured loan management, we will ensure that these funds reach the intended beneficiaries and create lasting economic impact,” she said in a statement yesterday.
The Minister of State, President’s Office – Regional Administration and Local Government (TAMISEMI), Mr Mohamed Mchengerwa, reaffirmed the government’s commitment to ensuring transparency and accountability in the disbursement of these funds.
“These funds are meant to transform lives, and it is our responsibility to protect them. Any region, district, or municipal director found facilitating non-existent groups will be held accountable.
“We urge all recipients to use these loans responsibly and repay them to sustain this initiative,” said Mr Mchengerwa.
The minister warned against the emergence of ghost groups and said the need for strict adherence to loan repayment terms. Additionally, the Minister said that over 234bn/- has been allocated for municipal loans across the country.
This includes funds managed through financial institutions in 10 municipalities and enhanced loan programmes in 174 local authorities.
Dodoma Regional Commissioner, Rosemary Senyamule, expressed readiness to collaborate with CRDB to ensure the success of this programme.
