CRDB spearheads mission to woo FDIs

CRDB Bank, one of the leading banks in the country, is spearheading a mission to attract Foreign Direct Investments (FDIs) in the country.

The lender’s initiative is to reshape the Tanzanian banking landscape and bolster the nation’s economic prosperity while at same time introduce itself and the nation to the global stage.

CRDB Group CEO and Managing Director Abdulmajid Nsekela said the strategic initiative aligns seamlessly with the proactive measures taken by the government to create an inviting climate for investors in the country.

“The Tanzania’s friendly investment policy, commitment to peace and stability, substantial debt capacity, stable inflation rates collectively render it an irresistible destination for investors,” he said.

The lender’s mission extends to engaging with global investors keen on emerging markets like Tanzania.

Mr Nsekela and his team, according to a press release sent from London yesterday, have been diligently meeting with asset managers, commercial banks, and development finance institutions from key regions worldwide, including the US, UK, Europe, Middle East, and Africa.

“The commitment demonstrated by our President (Samia Suluhu Hassan) has paved the way for these crucial engagements.

“Our primary objective in these meetings is to showcase the wealth of opportunities awaiting investors in our homeland,” Mr Nsekela said.

This collaborative efforts between CRDB and industry leaders such as JP Morgan, Afriexim and Standard Bank, encompasses a wide array of subjects, ranging from Tanzania’s investment opportunities, sustainable innovative financing, boosting intra-African trade and promoting financial inclusion especially through CRDB Bank Foundation.

Latest data from the Tanzania Investment Centre (TIC) paints an encouraging picture where in August’s Monthly Investment Factsheet reveals the approval of 58 investment projects, boasting a total value of 931.60 million US dollars.

“The FDIs constitute a substantial 38 per cent of these projects, signaling strong international confidence in Tanzania’s economic future,” Mr Nsekela said.

The projects have the potential to generate 25,731 new jobs in manufacturing, transport, agriculture, tourism, commercial building, services, and economic infrastructure sectors.

Last year, CRDB Bank solidified its international strategic partnerships with renowned entities like Proparco, USAID, DFC, and IFC, raising over 500bn/- to support SMEs.

CRDB currently operates in Tanzania, Burundi, and the Democratic Republic of Congo (DRC). This regional network, coupled with its future expansion strategy, positions the bank ideally to support the agenda of promoting intra-African trade.

Additionally, the lender’s delegation held discussions with anchor investors for its recently issued first-ever green bond in the country and the largest in the Sub Saharan region, the “Kijani Bond.”

CRDB Bank remains steadfast in its commitment to support the nation’s prosperous economic trajectory, boasting a robust balance sheet exceeding 12tri/-.