DAR ES SALAAM, June 25 -- TIB Development Bank has secured a 30bn/- soft loan to finance Small and Medium Enterprises (SMEs) at affordable interest rates, with repayment periods of up to 15 years.

TIB, largest development finance institution (DFI) in the country, has obtained the soft loan from the East African Development Bank (EADB) to support SMEs with financing starting at 200m/-.

TIBs Planning and Business Development Acting Director Mr Joseph Chilambo said yesterday during the signing ceremony that the ultimate goal is to address shortage of capitals for SMEs which hinder their growth.

“We believe that providing SMEs with substantial seed capital will enable them to execute their innovative projects more effectively than gi...