CRDB Bank Plc’s Chief Commercial Officer, Dr Joseph Witts said the deal which was signed with Jumuiya ya Wafanyabiashara Tanzania (JWT) is a breakthrough in facilitating import trade in the country.
Dr Witts said after signing the deal with JWT Chairman, Silva Kiondo, said the bank is backing President Samia Suluhu Hassan’s efforts tom open the country for business because import trade is a major source of revenue for Treasury.
“This loan is issued to importers as per their needs in respect to the value of imported cargo at the ports of entry which includes payment for import duty, port handling charges and shipping agency charges timely to avoid penalties,” he said.
He pointed out that the agreement will ease trade financing needs of the importers because they now don’t have to think about where to get the money to clear their goods once at the port. “This port import financing solution will speed up cargo clearance at our ports and save importers from incurring storage and other charges for delays to clear their goods,” the CRDB CCO added.
Dr Witts further explained that the financing will only benefit members of JWT who are active members because the association will serve as their collateral. “Apart from benefitting importers, this trade financing will also help government collect its revenue and port charges on time,” he added.
In remarks after the signing ceremony, JWT Chairam Silva Kiondo commended NMB’s management for coming up with the innovative product that will address cargo clearance challenges facing most importers following the impact of the coronavirus pandemic.
“We are happy to sign this deal with CRDB which means that our members are done with the challenge of financing cargo clearance at ports,” said Kiondo who urged JWT members countrywide to seize the opportunity and grow their businesses.
He also commended the government of President Samia for putting in place an enabling environment for businesses to thrive saying Tanzania Revenue Authority are now working as partners with businesses and not hostile tax collectors.