DAR ES SALAAM, February 26, 2007 – The International Finance Corporation (IFC) Monday granted loan worth US $5million to Exim Bank, Tanzania, to be used to finance women-owned businesses in Tanzania. Exim Bank is the first local bank in Tanzania to dedicate lines of credit to women entrepreneurs. IFC’s lending to Exim Bank is part of its wider program to increase access to finance for women entrepreneurs in Africa.
The signing ceremony was held in Dar es Salaam between Exim Bank chairman, Mr Yogesh Manek and IFC Director of Environment and Social Development, Ms Rachel Kyte. It was also witnessed by Mrs. Cherie Blair, wife of the British Prime Minister, Tony Blair, Tanzania’s First Lady Mrs Salma Kikwete, Minister for Justice and Constitutional Affairs, Dr Mary Nagu, World Bank Country Director for Tanzania and Uganda, Ms Judy O’Connor, members of the banking sector in Tanzania, and a host of women entrepreneurs.
Exim Chief Executive Officer (CEO), Mrs Sabetha Mwambenja, said that IFC fund will allow Exim Bank to meet the needs of women entrepreneurs, particularly those which have graduated from small businesses. Exim Bank is the only Bank from Tanzania which is a member of the Global Banking Alliance for Women, a worldwide group of banks that are sharing best practices in order to accelerate the global growth and development of women’s businesses and women’s wealth creation.
“Lending to women entrepreneurs is part of Exim Bank’s five-year Strategic Plan to explore new areas of growth. Being the first bank in Tanzania to target the women’s market can give us the competitive edge we are looking for,” said Mrs Mwambenja. She added that women entrepreneurs in Tanzania, like anywhere in Africa, face problems of lack of credit for their businesses, have limited access to markets, and limited networking. “Exim Bank is here to bridge that gap,” she said amid applause from women entrepreneurs present at the ceremony.
IFC’s Rachel Kyte said IFC is proud to be associated with Exim Bank because “Small banks are dynamic actors for sustainable development and provides platform for women entrepreneurs to access finance for their businesses to grow.”
Mrs Salma Kikwete thanked IFC and the Exim Bank for the initiative to assist women entrepreneurs in Tanzania. She said the fact that many Tanzanian women are engaged in business is an indication that they are committed to rid poverty. ”This is also in line with the government’s National Strategy for growth and eradication of Poverty (MKUKUTA), she said.
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