MICROCAPITAL BRIEF: African Development Bank (AfDB) to Provide $23m in New Funding to Tanzanian Small Entrepreneurs Loan Facility (SELF), 1600 Microfinance Institution (MFI) Staff Members to Upgrade Skills

The African Development Bank (AfDB), a multilateral development finance institution (DFI), is set to provide USD 23 million in new loans to the Small Entrepreneurs Loan Facility (SELF), which is run by the government of Tanzania.

The program would make loans to small businesses directly, and provide training to approximately 1,600 officers of Tanzanian microfinance institutions (MFIs) and improve financial infrastructure in the country.

In 2009, the Tanzanian MFIs submitting data to the Microfinance Information Exchange (MIX), the microfinance information clearinghouse, reported an aggregate loan portfolio of USD 591.3 million, total assets of USD 1.4 billion and 233,341 active borrowers.

About the African Development Bank:

Established in 1964, the African Development Bank (AfDB) is a development finance institution that provides loans and grants to governments and private companies in Africa. AfDB commits approximately USD 3 billion annually to African countries. Owned and funded by member governments, the bank has a public-interest mandate to reduce poverty and promote sustainable development. AfDB shareholders consist of 77 member countries, which include 53 African countries. The AfDB is controlled by a Board of Executive Directors, made up of representatives of its member countries. As of 2010, the president of AfDB is Donald Kaberuka.

By Trevor Kwong, Research Assistant

Sources and Additional Resources:

[1] Source Article: The East African: $23m govt, AfDB loan to benefit small scale traders in Tanzania:

http://www.theeastafrican.co.ke/business/-/2560/1043844/-/ce1t4cz/-/

[2] Microfinance Information Exchange: Tanzania:

http://www.mixmarket.org/mfi/country/Tanzania

[3] MicroCapital Universe: African Development Bank:

https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=African+Development+Bank++(AfDB)

Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/

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