Vice President, Samia Suluhu Hassan said in Kibaha town of Coast region yesterday that financial institutions such as CRDB Bank Plc are also an important vehicle towards enhancing private sector investment in industrialization.
“I commend CRDB Bank for sponsoring this show which is important as we advance towards middle income economic status and semi industrialization,” Hassan said.
She said in implementing the government’s industrialization blue print, stakeholders including private investors should also harness patriotism which is key in realising such a goal. “I am confident that the bank will continue to finance such shows where micro, small and medium size enterprises meet and exchange ideas on investment, marketing and growth,” VP Hassan stressed.
She said micro and small businesses are an important group of private investment that employ the bulk of people and also contribute enormously towards national economic growth. “I am convinced by what I have seen here today that we are heading in the right direction,” the VP added.
Hassan pledged government’s full support to financial institutions such as CRDB Bank because they have shown commitment to invest in small and medium size businesses to graduate them into industrial owners.
“But as we as government have always said, there is need to address the issue of high interest rates charged on loans because there is a lot of room to give credit to low income groups such as farmers, women vendors and small industry owners,” she underlined.
Earlier, CRDB Bank Plc Managing Director, Abdulmajid Nsekela said the bank strongly supports government’s development blue print which focuses on industrialization and movement towards becoming a middle income economy by 2025.
“Madam Vice President, this year alone, CRDB has disbursed 433.5bn/- as credit to the agriculture sector representing 15 percent of the loan portfolio issued by the bank,” Nsekela noted while promising to maintain pole position as a bank dominating financing the key sector which employs over 70 percent of the population.
“In addition, the bank has disbursed loans to traders and transporters to facilitate easy access to markets by agro-produce,” the CRDB boss added.
Apart from such loan products targeting the private sector, the bank also works to facilitate various state payments including taxes, fees and commissions from the private sector, individuals and other institutions through its innovative digital payment integrated into the government’s electronic payment system.