EXIM BANK EXPLORES PARTNERSHIPS IN CHINA FOR SMEs IN TANZANIA "Credit News 24"
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| Exim Bank Group CEO, Mr Dinesh Arora (right) signs visitors book during Exim Bank’s visit to the Embassy of Tanzania in China. With him is Mr. Yogesh Manek, Director at Exim Bank (centre) and Ambassador Mbelwa Kairuki, Ambassador of Tanzania to China. |
Meetings were facilitated by Embassy of Tanzania in China with Ambassador Mbelwa Kairuki, Ambassador of Tanzania in China, remaining instrumental in establishing linkages between Exim Bank and financial institutions in China. The delegation had successful meetings held with some of the leading Commercial Banks and Development Finance Institutions (DFIs).
The visit was significant considering the growing economic relationship between China and East Africa, more particularly Tanzania, Uganda and Djibouti which have witnessed a manifold increase in investments and trade business in the last few years. There are several large state owned and private Chinese companies operating in these African nations.
SMEs are widely known for their importance in contributing to economic growth and development across regions especially in developing countries. In China, SMEs contribute up to 60% of China’s GDP. The contribution is not the same in Africa albeit, due to deficient tools, technology and suitable finance. Easy access to finance remains a key constraint to SME growth without which SMEs languish and stagnate.
Africa as a whole and more particularly, Tanzania, holds a huge potential in areas such as leather, textile, agro- processing, agriculture and manufacturing which remains to be harnessed. The opportunity is immense and joint collaborations can provide the much needed impetus to the on-going efforts of the government and the private sector.
Recent visit by the Exim Bank delegation is a step in this direction. The discussions revolved around various partnership mechanisms between Exim Bank and Chinese Financial Institutions to assist development of the SME sector in Tanzania. It emerged that Exim Bank as a leading private sector local bank in Tanzania can act as a catalyst and play a front role in such initiatives.
Ms Katusime Nzarombi, Exim Bank Relationship Manager – China Desk said, “We were received enthusiastically by our counterparts in banks in China and the relationship that has been initiated will go a long way in enhancing economic relations between the two countries. We will be working further to cement our ties and ensure that there are tangible benefits for the SME sector in Tanzania”.
Exim Bank Tanzania Ltd is one of the leading indigenous commercial banks in Tanzania with a presence in 4 countries in Africa.The bank remains at the forefront of providing innovative commercial banking solutions to the Retail, SMEs, mid and large corporate segments of the economy(ies).
Exim Bank Group has a total asset base of TZS 1.8 Trillion with 45 branches and 942 staffs working across 4 countries.
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