CRDB Group CEO and managing director Abdulmajid Nsekela Speaking in Dodoma city on Friday during the laying of the foundation stone for the construction of a fertiliser factory operated by Itracom Fertilisers Ltd of Burundi.
BURUNDI President Évariste Ndayishimiye has lauded the CRDB Bank Plc for being an important partner in facilitating strategic government projects in his country.
Speaking in Dodoma city on Friday after laying the foundation stone for the construction of a fertiliser factory operated by Itracom Fertilisers Ltd of Burundi, President Ndayishimiye said:
“We thank the CRDB Bank for playing a key role in boosting bilateral trade and investments between our two countries.”
Burundi President Evariste Ndayishimiye
The fertilizer plant that the Burundian head of state lay the foundation stone is supported by CRDB.
The former army general said: “By financing the building of this fertiliser factory is another witness that CRDB bank is dedicated to facilitating stronger bilateral trade and investments between our nations.”
“The factory will have a capacity of producing 600,000 tonnes of fertiliser per year, generating employment for up to 10,000 people,” the Burundi Head of State who ended his 3-day state visit in Tanzanian on Sunday said.
On his part, CRDB Group CEO and managing director Abdulmajid Nsekela said that the bank has three branches in Burundi, financing strategic government projects in that country just as is the case in Tanzania.
CRDB Bank is planning to open another branch in Gitega, the Burundi political capital, later this year, while also financing the construction of Fomi fertiliser factory and a cement factory in Rutana, to the tune of US$10 million in loan already provided.
The CRDB Chief has further said that as a local bank with an international vision, they have a deliberate strategy to facilitate trade and investment relations in the East Africa region to boost economic growth and improve people’s livelihoods.
The bank has so far invested US$107 million in Burundi spread across different sectors of the economy, including the Mpanda hydroelectric project.
In Tanzania, CRDB has financed Minjingu fertiliser factory, also operated by Itracom. The firm, which is located in Babati District, was part of the group’s credit extension as Itracom’s banker in Tanzania, taking up around US$12 million.
The bank has been operating in Burundi for the past ten years as CRDB Burundi. It is also an important taxpayer to the Bujumbura authorities in addition to creating jobs for the country’s youth, the CEO further noted.