Tanzania is a country brimming with natural beauty, resources, and potential. However, a significant portion of its population still lives in poverty, and many businesses, especially SMEs and female-led enterprises, struggle to access financing to grow and innovate. To address these challenges, KCB Bank Tanzania has signed a €20m commitment contract with the European Investment Bank (EIB).
The funds will be dedicated to supporting the blue economy, female-led, and SMEs in Tanzania, with the goal of promoting sustainable economic growth and job creation.
Speaking during the signage event Ag. KCB Group Regional Businesses Director and Managing Director of KCB Bank Tanzania he said:
"KCB Tanzania and the EIB share the same commitment to ensure that Tanzanian companies can access finance and invest in a better future.
This new EUR 20 million cooperation comes at the right time for businesses here in Tanzania and will enable women-owned businesses to become more efficiency while helping the country to attain an inclusive economy.
Also, this fund will boost innovation in harvesting blue economy opportunities for a more sustainable future.”
The partnership between KCB Bank Tanzania and EIB highlights a shared commitment to empower women and SMEs.
With the majority of SMEs in Tanzania being women-led, providing them with financial support is crucial to their success.
Additionally, the commitment to the blue economy supports environmentally friendly practices and the responsible use of natural resources.
By investing in these sectors, KCB Bank Tanzania and EIB are taking steps towards creating a sustainable future for Tanzania's economy and communities.
Through this collaboration, KCB Bank Tanzania and EIB are not only providing funding but also offering technical assistance to ensure that the supported businesses are using the funds efficiently and effectively.
With this support, SMEs and female-led enterprises can overcome financing barriers, develop their businesses, and make a positive impact on Tanzania's economy.
Ultimately, this partnership demonstrates a commitment to empowering women and SMEs and building a brighter future for Tanzania.
