In today’s competitive landscape for international investment, few corporate leaders have been as effective in securing lucrative deals.

Over the past three years, under my stewardship, CRDB Bank has emerged as a vital player in driving economic growth in Tanzania, particularly through financing small and medium-sized enterprises (SMEs). 

This achievement is notable, as it aligns perfectly with President Samia Suluhu Hassan's visionary policies aimed at fostering robust foreign relations and economic partnerships.

The recent signing of a groundbreaking $320 million agreement with the US International Development Finance Corporation (DFC) and Citibank marks a significant milestone in my efforts to uplift the SME sector. 

Signed during the UN General Assembly at Citibank’s headquarters in New York City, this deal represents a collective commitment to support over 4,500 small businesses in Tanzania and Burundi, with a focus on empowering women and youth entrepreneurs.

My passion for enhancing investment opportunities is palpable. 

The supportive policies and frameworks established by our governments under President Samia have been pivotal in attracting international investment, which is vital for advancing our development agenda.

Since assumed leadership in 2018, I had secured numerous international agreements that significantly enhance its capacity to finance SMEs.

A pivotal moment came in March 2022 when our bank signed a Memorandum of Understanding with Proparco, a subsidiary of Agence Française de Développement (AFD). 

This partnership introduced a credit line and guarantees amounting to 182bn/- (approximately US$141.5 million), specifically tailored to support micro, small, and medium-sized enterprises in Tanzania. 

The funds are earmarked for innovative products within the agricultural sector, which is crucial for climate resilience and food security.

Furthermore, in June 2022, our bank collaborated with USAID and DFC to unlock 100bn/- aimed at enhancing financing for education, health, and MSMEs. 

This initiative is set to strengthen vital sectors that underpin Tanzania's socio-economic development, reinforcing the bank's strategy to diversify its impact across various industries.

Our SME financing is evident in the strategic alliances formed with global entities such as the International Finance Corporation (IFC), which provided a $100 million loan to bolster access to finance for micro and small enterprises. 

Notably, this partnership allocated 25 percent of the funds to women-owned businesses, emphasizing our commitment to gender-inclusive economic growth.

In November 2023, we took another significant step by entering a partnership with the African Export-Import Bank (Afreximbank) to establish a $115 million facility aimed at enhancing investments in key economic sectors such as agriculture and trade. 

This strategic collaboration marks a shift towards a more integrated approach to investment that promotes shared prosperity across the region.

Support for SMEs is further exemplified by a recent agreement signed in September 2023 with the African Guarantee Fund (AGF) and the African Development Bank (AfDB). 

These agreements, which include a $50 million guarantee to improve access to finance for SMEs and a $60 million financial package to bolster our regional expansion, underscore the growing confidence in our vision and leadership under Nsekela.

As a passionate advocate for economic development, I believes that the future of Tanzania’s economy hinges on empowering SMEs. 

By prioritizing small businesses, we are not just creating jobs; we are fostering innovation and resilience within our economy. Our strategic focus on SME financing is a core element of our mission.

In the next three years, we will be continuing to leverage its strong international relationships to facilitate even more financing opportunities for Tanzanian entrepreneurs. 

By focusing on innovative financial solutions and expanding access to capital, he aims to cement our position as a leader in the banking sector while championing investment that will drive Tanzania's economic growth.

Abdulmajid Nsekela (pictured) is the managing director of CRDB Bank.