CRDB Bank Becomes the First Bank in East & Central Africa to Receive the United Nations Green Climate Fund (GCF) Accreditation
By: | Blog | September 10, 2021 05:16
SONGDO, South Korea Wednesday, Nov 13, 2019 – Tanzania’s largest commercial bank, CRDB Bank Plc, has today been accredited by the United Nations Green Climate Fund as the financial intermediary for the implementation of green financing in the United Republic of Tanzania.
The accreditation was announced Wednesday during the 24th Green Climate Fund (GCF) Board Meeting, in Songdo, South Korea. This followed an extensive due-diligence assessment, conducted by GCF to ascertain the Bank’s preparedness in managing climate change programmes.
Group CEO & Managing Director Abdulmajid Nsekela says the endorsement marks an important milestone in the Bank’s history and that of the Country.
“We are proud of this achievement and excited because it gives us a unique opportunity to make a huge impact in Tanzania,” quips Nsekela.
GCF Director of Private Sector Facility, Ayaan Adam says CRDB Bank’s accreditation is highly merited, owing to the Bank’s portfolio strength and extensive client base within Tanzania and the Republic of Burundi.
“CRDB Bank is a very strong bank because it has a wide reach and presence, extending to two countries (and will hopefully go beyond). This means the bank is aware of the realities of what is happening in the country, ” says Adam.
CRDB Bank becomes the 3rd commercial bank in Africa to obtain this accreditation, after Ecobank Ghana and Attijariwafa Bank of Morocco. Accredited entities carry out a range of activities that usually include the development of funding proposals and the management and monitoring of projects and programmes. Multiple projects can be funded simultaneously.
“We want to take an active role in supporting development programs in our country. We are particularly keen to support the government initiatives in energy, transport and infrastructure, industrialization, health and wellness, food security, safe cities and environment,” Nsekela explains.
“We are ready to work with GCF to support both public and private entities in implementing sustainable development projects, through the provision of affordable loans, guarantees and equity. With this endorsement, we are confident that CRDB Bank will be able to finance different vital green projects to the tune-up to USD 250 million per single project funding proposal. This means that CRDB Bank will be able to finance multiple large scale projects with a high impact on the social and economic development of Tanzania,” the CEO says.
Nsekela further says access to the Fund will empower the Bank to support the government of Tanzania sustainable development initiatives in the areas of renewable energy, mass mobility through rapid bus transit systems and railways, provide modern and sustainable housing estates in cities and afforestation among others.
The Chief Executive is upbeat that the implementation of sustainable initiatives will be an important step for the Bank’s Corporate Social Investment (CSI) approach and will go a long way in strengthening its position as a leading innovative bank in the region.
CRDB Bank appreciates the continued support gained from the government of Tanzania and particularly nominating CRDB Bank for the accreditation and cooperation extended to the Bank by GCF to ensure that we sail smoothly to successful accreditation. The Bank will work in partnership with GCF and the government for the social and economic development of Tanzanians.
About CRDB PLC
CRDB Bank Plc is a leading, wholly-owned private commercial bank in Tanzania. The Bank was established in 1996 and has grown and prospered over the years to become the most innovative, first-choice, and trusted bank in the country. CRDB Bank Plc has been recording progressive profit every year since its establishment and pays dividends annually. The Bank first reached an important milestone when it was listed on the Dar es Salaam Securities Exchange (DSE) on the 17th of June, 2009.
The Bank offers a comprehensive range of Corporate, Retail, Business, Treasury, Premier, and wholesale microfinance services through a network of over 250 branches, 510 ATMs, 18 Depository ATMs, 12 Mobile branches, more than 2,558 FahariHuduma agents, 900 Point of Sales (POS), terminals and scores of Microfinance partners institutions. The Bank also operates through Internet and Mobile banking services.
About the GCF
The Green Climate Fund is the financial mechanism under United Nations Framework Convention on Climate Change (UNFCCC), established in 2010. The Fund was created to support the effort of developing countries to respond to the challenges of climate change. The GCF has committed USD 5.2 billions of its funding to developing countries and manage to leverage more than USD 18.7 billions including the cofinancing, GCF is the largest Fund in the world, dedicated to climate action.
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