The board of African Development Bank (AfDB) just provided, through its private sector unit, a $120 million credit line to the Tanzanian Cooperative Rurual Development Bank (CRDB).

CRDB will, with this funding, be able to finance its infrastructure projects and SMEs, in Tanzania’s rural and urban areas. However, focus will be on enterprises run by women. The goal here is to generate more jobs in order to boost the inclusive growth of the Tanzanian economy.

Moreover, according to AfDB, the loan will serve to stimulate trade and regional integration through the expansion of the capacities of ports and airports across Tanzania. This will in turn improve tourism revenues.

In 2008, AfDB granted CRDB a risk-sharing facility for SMEs in the agricultural sector. At the time, 270 exploitations benefited. As a result, the Tanzanian bank increased its portfolio of loans to SMEs and was able to extend banking services to the country’s secluded areas.

Established in 1969, Cooperative Rural Development Bank is Tanzania’s largest commercial bank. Since 2002, it is listed on the Dar es Salaam stock market.