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Traders at Kariakoo market get 203m/- loans from NMB
2005-09-26 08:46:16
By Grace Chilongola, PST
A total of 334 traders at Kariakoo Market complex in the City of Dar es Salaam have obtained loans, worth 203m/- from the National Microfinance Bank in the 2004/05 financial year.
The loans were disbursed by the NMB Kariakoo branch, the General Manager of the Kariakoo Market, Kuboja Ng’ungu, told PST.
He said that it was expected that the loans would increase the capital of the traders so that they could buy more commodities and be in a stronger financial position to repay the loans in time.
Ng’ungu said in the 2004/05 financial year the Kariakoo Market Corporation increased its revenue from 942,654,436/- it obtained in the 2003/04 financial year to 944,879,651/- in the 2004/05 financial year.
The corporations also succeeded in making traders, doing business at the Kariakoo market, contribute 32 32,692,040/- to construct extra tarpaulin sheds and other shelters.
Ng’ungu said the recurrent annual expenditure of 87.7m/- was not enough to pay for salaries, electricity and water and services to clean the market complex.
At the same time, traders who were doing business along streets close to the market complex were denying the market some 23m/- a year.
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