Finance

Tanzania: NMB Bank secures $125 million syndicated loan to finance local businesses

Monday, 27 February 2023 15:40
Tanzania: NMB Bank secures $125 million syndicated loan to finance local businesses

(Ecofin Agency) - This credit facility will strengthen the partnership between Proparco and FMO and their long-standing client, NMB Bank, which plans to increase its lending to the private sector and women-owned businesses.

NMB Bank Tanzania, one of the largest banks in Tanzania, will receive a $125 million syndicated loan from Proparco and Dutch development finance bank FMO. Of the total amount, Proparco will contribute $50 million while FMO will provide the remaining $75 million.

This senior loan strengthens the partnership between Tanzanian commercial bank NMB Bank Tanzania, Proparco, and FMO. The bank, which has been listed on the Dar es Salaam Stock Exchange since 2008, is a long-standing client of both institutions. The senior loan will be used to finance micro, small, and medium-sized enterprises (MSMEs), as well as women-owned and agricultural enterprises.

"The partnership [...] will contribute to increasing access to affordable financing to MSMEs, women-owned and agri-businesses, and progress the overall country’s economic and social development agenda," said Aziz Chacha, Treasurer at NMB Bank Tanzania.

For FMO, this syndicated loan is a continuation of the cooperation with the Tanzanian bank that started almost 10 years ago, when the Dutch institution arranged a $65 million loan for the bank. As for Proparco, its partnership with NMB Bank started in September 2016, when it provided a € 13.4 million loan to support the bank’s SME financing activities.

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