Montreal (Quebec), June 25th 2025 – Canada’s bilateral Development Finance Institution, FinDev Canada, announces a USD 60 million loan to CRDB Bank Plc, the largest commercial bank in Tanzania. The financial commitment will strengthen economic development, promote women’s financial inclusion, and support climate action in Sub-Saharan Africa. This is FinDev Canada’s first commitment in Tanzania.
FinDev Canada's loan will enable CRDB Bank to support agribusinesses and smallholder farmers in Tanzania, where small and medium-sized enterprises (SMEs) are key to the country’s economy and food security.
To support economic development, the transaction will direct 40% of the loan proceeds towards SMEs. In Tanzania, SMEs contribute approximately 27-35% to GDP and play a critical role in job creation and poverty alleviation. However, women entrepreneurs face significant challenges in accessing financial services. As a result, private sector investment is critical to ensure vital support reaches local enterprises.
The transaction is 2X aligned, directing 30% of the loan proceeds towards women owned or led SMEs, thereby increasing women’s economic participation across CRDB Bank’s investments and improving women’s access to financing. Within its operations, it promotes women’s retention and career development through leadership training programs, mentorship opportunities, and policy reviews.
While Tanzania, is one of East Africa's fastest growing economies, it is particularly vulnerable to the impacts of climate change, such as frequent droughts and changing precipitation patterns – and these weather events significantly impact agribusinesses and smallholder farmers. To support climate action, the transaction will direct 30% of the loan proceeds towards climate finance projects aligned with CRDB Bank’s Sustainability Framework, supporting innovative climate adaptation and mitigation solutions. These projects include renewable energy, pollution prevention, biodiversity conservation, clean transportation, sustainable water and wastewater management, and green buildings. Within its operations, CRDB Bank seeks to measure and report operational greenhouse gas emissions to ensure compliance with national requirements applicable to the financial sector.
“FinDev Canada is committed to Tanzania’s sustainable and inclusive development. We're proud to work with CRDB Bank, a leading bank which plays a central role in advancing the country’s economic growth agenda and climate resilience. This transaction marks a strategic step forward in supporting quality jobs, strengthening local economy, promoting women’s financial inclusion, and accelerating Tanzania’s significant progress in renewable energy,” said Paulo Martelli, VP and Chief Investment Officer, FinDev Canada.
“This partnership with FinDev Canada is a testament to CRDB Bank’s unwavering commitment to empowering communities, advancing gender equity, and fostering climate resilience. The USD 60 million investment will enable us to expand access to finance for SMEs, particularly women-led enterprises, while driving sustainable solutions to tackle the pressing challenges of climate change. Together, we are creating opportunities that fuel economic growth and improve livelihoods across Tanzania and the region,” said Abdulmajid Nsekela, Group CEO and Managing Director of CRDB Bank Plc.
About FinDev Canada
FinDev Canada is Canada’s bilateral Development Finance Institution (DFI), supporting development through the private sector. We provide financing, investment, and blended finance solutions, as well as technical assistance and advisory, to promote sustainable and inclusive growth in emerging markets and developing economies (EMDEs), in alignment with the Sustainable Development Goals (SDGs) and Paris Agreement commitments. Find out more about FinDev Canada at www.findevcanada.ca.
About CRDB Bank Plc
CRDB Bank Plc. (B1, Stable by Moody’s) is the largest bank in Tanzania and one of the most innovative banks in East and Central Africa, with a balance sheet of TZS 17.7 Trillion ($6.6 billion) as at 31 March 2025. Established in 1996, the bank has grown to become a trusted partner for individuals, businesses, and institutions across the region. Headquartered in Dar es Salaam, CRDB Bank is publicly listed on the Dar es Salaam Stock Exchange (DSE) and is known for its strong financial performance, customer-centric approach, and pioneering spirit in financial services. The bank operates beyond Tanzania’s borders, with fully licensed subsidiaries in Burundi and the Democratic Republic of Congo (DRC). The bank also runs a fully-fledged insurance company, CRDB Insurance Company, and has established CRDB Bank Foundation as its social impact arm.
CRDB Bank offers universal banking solutions, including retail, corporate, SME, and capital markets. Its digital offerings—such as mobile banking and internet banking—have enabled the bank to drive financial inclusion through serving over five million customers across urban and rural areas. With a network of over 260 branches, 36,000+ CRDB Wakala agents, 5,000 POS devices, and a rapidly expanding digital footprint, CRDB Bank is committed to making banking accessible and convenient.
Media Contact
FinDev Canada: Media@findevcanada.ca
TullyEsther Mwambapa: TullyEsther.Mwambapa@crdbbank.co.tz