The Burundian affiliate of Tanzania’s CRDB Bank recently borrowed USD 5 million from the World Bank Group’s International Finance Corporation (IFC) for on-lending primarily to smaller agribusinesses in Burundi. IFC has agreed to support the loan with technical assistance on designing products that meet the needs of the target borrowers.
CRDB Bank Burundi Managing Director Fredrick Siwale said, “IFC’s financing will help us enhance the availability of long-term finance for households and MSMEs [micro-, small and medium-sized enterprises], boosting financial inclusion.”
CRDB Bank Burundi reported total assets of BIF 685 billion (USD 334 million) as of September 2022. The acronym CRBD is based on the parent company’s former name, Cooperative Rural Development Bank.
Established in 1996, CRDB Bank plc is a publicly traded entity with commercial banking subsidiaries in Burundi and Tanzania that serve 3 million individuals as well as companies of all sizes via 268 branches, 550 automated teller machines and online. The third member of the group is CRDB Insurance. As of March 2022, the group reports total assets of TZS 9.4 trillion (USD 4.0 billion); 12-month comprehensive income of TZS 115 billion (USD 49 million); customer deposits of TZS 6.6 trillion (USD 2.8 billion); and loans, advances and overdrafts of TZS 5.54 trillion (USD 2.37 billion).
Founded in 1956, IFC offers loans, equity investments, advisory services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in low- and middle-income countries. During the 12 months ending June 2022, the organisation disbursed investments totaling USD 33 billion.
Sources and Additional Resources
IFC press release
https://pressroom.ifc.org/all/pages/PressDetail.aspx?ID=27260
CRDB Bank Burundi homepage
https://crdbbank.co.bi
CRDB Bank plc homepage
https://www.crdbbank.co.tz
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