Swedfund Enhances Access to Capital to SMEs in Tanzania
Summary
The funds will primarily be used for on-lending to small-and-medium enterprises (SMEs) and corporate borrowers, thereby contributing to job creation in Tanzania.Strengthening and streamlining of the banking sector is a prerequisite for a countrys economic development. The private sector is in turn dependent on funding from local banks in order to grow and create job opportunities. The bank has been market leader in establishing partnerships with the countrys largest mobile operators and currently has one million users of mobile-based services. The availability of mobile services is vital to bring more people into the countrys formal financial system.Swedfunds investment is part of a syndicated loan led by the Dutch Development Bank FMO. We can inspire other financiers with confidence, which is of great importance since it is difficult for banks to find long-term capital on the Tanzanian market, says Anna Ryott, CEO of Swedfund.