Dar es Salaam, June 23, 2025 – In a significant move to stimulate Tanzania’s economy, the East African Development Bank (EADB) has signed three major financial agreements with leading financial institutions in the country, unlocking a total of TZS 63.2 billion aimed at supporting Small and Medium-sized Enterprises (SMEs), housing projects, and overall economic growth.
Speaking during the signing ceremony held today in Dar es Salaam, Charles Mwamaja, the Commissioner for Financial Sector Development from the Ministry of Finance, emphasized that the funds will directly contribute to accelerating economic expansion, bolstering SMEs, and addressing the country’s housing deficit.
“The institutions benefiting from this financing include TIB Development Bank, which has received TZS 30 billion, Azania Bank with TZS 13.3 billion, and the Tanzania Mortgage Refinance Company (TMRC), which has secured TZS 20 billion to strengthen its capacity to offer affordable home loans,” Mwamaja stated.
He further noted that this financing initiative is intended to create rapid economic transformation, increase financial inclusion, and expand access to financial services for more Tanzanians. “These loans will make strategic projects bankable, particularly those focused on providing affordable housing through financial institutions.”
Mwamaja also urged Tanzanians to take advantage of these funds, highlighting that loans are now available at TIB Development Bank and Azania Bank to support entrepreneurs and enable them to access much-needed capital.
On his part, Bernard Mono, EADB’s Managing Director, explained that the funds will be channeled into key sectors such as energy, industrial manufacturing, infrastructure, and mining — all of which are vital to Tanzania’s economic growth.
“SMEs are the backbone of our economy. Supporting them is critical for job creation and sustained economic development. Tanzania stands to benefit significantly from this initiative,” Mono remarked.
Beneficiaries of the agreements welcomed the development, describing it as a catalyst that will accelerate access to capital, expand financial services, and drive job creation, particularly for young people engaged in income-generating activities supported by these loans.
This investment is part of EADB’s broader strategy to promote regional economic growth by strengthening domestic financial systems and fostering sustainable development across East African Community (EAC) member states.