Tanzania: Netherlands based finance institution loans 26bn/- in Dar es Salaam

OVER 26bn/- has been disbursed as loans to community banks, microfinance institutions and savings and credit institution which lend to disadvantaged groups in the country since 2006.

Oikocredit Tanzania Country Manager, Deus Manyenye said in Dar es Salaam last Friday when welcoming 150 delegates of the global finance institution who are attending their annual general meeting, that its loans have assisted people improve their lives.

Mr Manyenye who applauded decision of Oikocredit leadership to bring the AGM to Tanzania this year, said its loan portfolio has benefitted youths, women and other disadvantaged groups in the society who cannot access bank loans.

“Oikocredit comes in to bridge the gap by providing affordable loans that have relevant social impact in the community,” Manyenye said emphasizing that the organization’s central belief is in the strength of individuals, families and communities to build a better life for themselves if provided with concessional loans.

Beneficiaries of the global money lender include community banks, microfinance institutions, cooperative societies, non-governmental organizations, faith groups, fair trade organizations and small and medium enterprises.

In a statement released yesterday, Oikocredit said most of its beneficiaries are not only those who cannot access bank loans due to lack of security but also fear hiked interest rates charged on such loans by commercial banks.

Oikocredit is active in over 70 developing countries through a network of eight regional offices including one in East Africa. It has managed to reach out to 28 million people in the world through loans, credit lines and equity investments in microfinance institutions.

“Oikocredit continues to invest in measuring social performance and has created a new department entirely focused on Social Performance Management.

The organization has also developed new measurement tools and endorsed the Clients Protection Principles to promote transparency in interest rates.

Meanwhile Minister for Foreign Affairs and International Cooperation, Bernard Membe will next Wednesday grace Oikocredit’s AGM where other distinguished guests including senior public officials and diplomats will also attend, the statement noted.