ZANZIBAR, CRDB INK INTEREST-FREE LOANS DEAL FOR SMES

Zanzibar President Hussein Mwinyi (middle) and senior officials from his government and CRDB Bank Plc make rounds of applause during the launch of interest-free loans to income-generating groups in the Isles over the weekend.

The Government of Zanzibar and CRDB Bank Plc have signed an agreement that will have the latter disbursing Sh81.8 billion to stimulate economic activities in the Isles.

The package encompasses Sh60 billion that will be disbursed in form of interest-free loans to income-generating groups in Zanzibar while the remaining Sh21.8 billion will be allocated for improvement of the necessary infrastructure that will enable the income-generating groups to conduct their undertakings in modern facilities.

Code-named: ‘Inuka na Uchumi wa Buluu’ (Grow with the Blue Economy), the deal - which was signed on January 31, 2022 – is part of Zanzibar’s wider plan to stimulate economic activities after the Covid-19 pandemic effects.

Speaking during the official launch of the deal here at the weekend, the Zanzibar President, Dr Hussein Mwinyi, urged income-generating groups in the Isles to grab the opportunity and get the interest-free loans for their own economic good.

After ascending to the Presidency following the October 2020 general election, Dr Mwinyi promised to implement a number of measures, including issuing special identity cards to small scale traders so that they can conduct their businesses freely.

He also promised to build markets for them; avail them with working tools and equipment - and that he would discuss with lenders on the possibility of reducing lending rates.

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