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Strengthening the local financing capacity for Tanzanian companies
Project
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Signature date
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Location
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Tanzania
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Financing tool
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Financing amount (Euro)
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14179033.94
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Financing details
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USD 15m loan
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Customer
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National Microfinance Bank PLC
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Type of customer
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Financial institution
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Country of headquarters
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Tanzania
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Project number
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PTZ1044
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Environmental and social ranking
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IF-B
This information is given at the time of signature, without prejudice to any developments in the operation/project.
By financing Tanzania’s leading bank, which operates nationwide, PROPARCO is supporting the private sector. Indeed, it will strengthen the financing capacity and banking services offered to companies.
Client presentation
NMB came about in 1997 as a result of the break-up of the National Bank of Commerce into two entities. It is today Tanzania’s leading bank with some 2.3 million clients. It offers all the services of a universal bank (retail, corporate, SME banking, etc.). It has a network of over 150 bank branches covering 95% of the territory. NMB was privatized in 2005 and its main shareholders include the Dutch cooperative banking group Rabobank and the Tanzanian State.
Project description
PROPARCO’s credit line will support the development of NMB’s activity with SMEs and companies with incomes in USD.
Project impact
This operation will increase the local financing capacity in a country where long-term foreign-currency resources are not well-developed. It will support the development of the local economic base in key sectors for the country’s development – particularly agriculture. It will also help improve access to financial services via its extensive network of branches.