Tanzania: Govt to Collaborate With Local Banks to Support Contractors

THE government has announced it would be working with CRDB Bank and other local banks willing to financially support local contractors to access concessional loans.

A statement from the Ministry of Works, Transport and Communications to the media says that such support would allow local contractors to sign large-scale contracts that are mainly signed by foreign companies.

Permanent Secretary in charge of works Elius Mwakalinga announced that the government would continue promoting the interest of local engineers and contractors by reviewing and amending most challenging policies, contracts and laws.

"We have invited CRDB Bank to meet with local contractors, but we're ready to partner with any other financial institution willing to uphold the interest of local contractors," he noted.

The statement explains that the ministry has already met with engineers and contractors from across the country in Dodoma and that both the government and the bank express readiness to support them.

CRDB Bank Managing Director Abdulmajid Nsekela noted that his bank was ready to issue capital and funds to implement such large-scale projects.

"Payments are expected to be made in no time," he noted. "We have worked on a number of key issues such as loan segments to ensure local contractors apply for financial support and not greeted with a burden of requirements and interests," he said.

According to the managing director the bank considers partnering with all local contractors to support them both financially and technically.

See What Everyone is Watching

More From: Daily News

Don't Miss

AllAfrica publishes around 600 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.