EXIM BANK PROVIDES A TZS 160 BILLION CUSHION TO ITS CLIENTS AMIDST THE COVID-19 PANDEMIC

Exim Bank Chief Executive Officer, Jaffari Matundu.

Dar es Salaam, June 5, 2020 - Following the economic impact as a result of the outbreak of the Coronavirus (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 impacts as a result of the pandemic. The move forms part of the ongoing bank’s initiatives to financially assist the sectors that have been adversely impacted by providing them with a cushion during these trying times.

As of June, the bank has provided relief of over TZS 160 billion in form of payment holidays and extension of loan repayment periods to help our clients in various sectors sail through the impact of COVID–19 on their businesses. The bank’s Chief Executive Officer, Jaffari Matundu said, “the bank understands the needs of our clients during these times and we are doing all that is possible to help them navigate through. We are doing this not only through loan restructuring but also through advisory services on business strategies in ensuring that the respective businesses survive and in turn thrive again.”

The relief initiatives are provided on a case by case basis, because 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. Discussions with more are still ongoing; exploring various measures that best suit the nature and type of business,” he added.

“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.” Matundu concluded.