CRDB marks MSME Day with Sh700 billion support to businesses

 

By The Citizen Reporter

Media/news company

Mwananchi Communication Limmited

Summary

·         World MSME Day is observed every year on June 27 all over the world to highlight the significance of MSMEs and how they play a crucial role in being the backbone of the

country's economy

Unguja. CRDB Bank Plc is joining the rest of the world to commemorate this year’s World Micro, Small, and Medium-sized Enterprises (MSME) Day with data showing that the lender has collected Sh700 billion and injected the same in financing operations of businesses in that category.

World MSME Day is observed every year on June 27 all over the world to highlight the significance of MSMEs and how they play a crucial role in being the backbone of the country's economy.

Speaking during a function held here yesterday, the CRDB Bank’s chief commercial officer, Mr Boma Raballa, said the bank collected and injected the said amount into MSMEs during the past three years.

 “Over the past three years, during which the world has been grappling with economic challenges caused by the Covid-19n pandemic and the war in Ukraine - CRDB Bank and its local and international partners have collected Sh700 billion and injected the amount into MSMEs’ operations,” he said.

He mentioned the partners to be the International Finance Corporation (IFC), the United States Agency for International Development (USAID), the US Development Financing Cooperation (DFC), the World Bank, the European Investment Bank, the African Development Bank and the African Guarantee Fund (AGF).

Mr Raballa said there was a need for collaborative services and systems to help entrepreneurs to achieve their goals.

CRDB was the first bank in the country to introduce services for entrepreneurs in 2005.

Since then it has been investing heavily in innovative products and services for entrepreneurs.

Such services and products include the Hodari Special Account that is specifically for entrepreneurs, digital business management systems, entrepreneurship training in and outside the country, and providing capital loans to entrepreneurs in different sectors of the economy.

Zanzibar minister for Blue Economy and Fisheries, Abdalla Hussein Kombo, commended efforts by CRDB saying they had shown a sincere commitment to stimulate the entrepreneurial sector in the country.

"Statistics show that 96 percent of businesses in the country are small and medium businesses, whereby 24 million people are employed in this sector.

So, these efforts being made by CRDB Bank are very important to improving this sector that makes a great contribution to the economic growth for our nation," said Mr Kombo.