Bank disburses 160bn/- to businesses amid Covid-19

05Jun 2020
By Guardian Reporter
Dar es Salaam
The Guardian
Bank disburses 160bn/- to businesses amid Covid-19

​​​​​​​FOLLOWING the negative economic outlook as a result of the outbreak of Covid-19, Exim Bank has announced relief measures for its corporate, small and medium enterprise clients in sectors that face significant income and cash flows reductions in this situation.

Exim Bank CEO Jaffari Matundu.

The move forms part of ongoing Exim initiatives to financially assist sectors adversely impacted by providing cushioning finance during these trying times.

At the start of June, the bank had provided relief of over 160bn/- in payment holidays and extension of loan repayment periods to help clients in various sectors sail through the impact of Covid–19 on their businesses.

Exim Bank CEO Jaffari Matundu said the bank understands the needs of its clients and is doing all it can to help them navigate through. “We are doing this not only through loan restructuring but with advisory services on business strategies,” he stated, noting that this will ensure that the respective businesses survive and thrive again.

Relief initiatives are provided on a case by case basis, as evidently the effects of Covid-19 have not been the same across the board. Clients in severely impacted sectors have been proactively approached and assisted, he affirmed.

Discussions with more are still ongoing, exploring various measures that best suit the nature and type of business, he specified.

“At Exim Bank, we believe in working tirelessly today for a better tomorrow for our clients, their businesses and the community at large. It is in that spirit that we have adopted such initiatives during this time of uncertainty. We remain committed in addressing these matters and find solutions alongside the regulator and government in ensuring our economy continues to remain stable during these trying times,” he added.

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