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PM urges contractors to grab loan opportunities

PRIME Minister Kassim Majaliwa has challenged contractors to go for special loan opportunities created by banks in a bid to complete their work on time.

After winning tenders to execute a project, contractors should approach commercial banks for loan, like the one issued by CRDB, instead of waiting for government processes that may take long thus limiting their project completion tenure.

“CRDB has brought opportunity at your door steps, use them to grow your businesses,” the PM said while opening a business forum for businesspeople from Mtwara, Lindi and Ruvuma regions held in Mtwara on Monday.

The forum centred on raising contractors awareness on how to access affordable loans and the best practice after taking the fund and repayment without defaulting.

“It is my sincere hope that after this business forum, contractors and municipalities will complete the projects even before time because you will awash with cash,” PM said.

The PM hope was pegged on the fact that more contractors will access loans at convenient time from CRDB to carry on their contractual obligations.

He said contractors are important people for the development of the nation but most are facing capital challenges.

CRDB Managing Director, Abdulmajid Nsekela said the forum was an eye opener for businessperson on accessing needed capital to complete and grow their projects and companies.

“There are number of offers for contractors by CRDB without any form of collateral, such as Purchase Order Financing, Contract financing, and Invoice Discounting,” he said.

The bank also offers loan for construction equipment, vehicles, machines and advance payment guarantee, performance guarantee, letters of credit and insurance.

CRDB has partially financed government SGR, Nyerere Hydro Power Project and rural energy under REA.

Speaking on behalf of the other contractors, Mr Henry Shimo from Chibeshi constructions Limited said loan accessibility to contractors will help them complete the projects on time.

Author: DAILY NEWS Reporter

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