Mr. Yogesh M. Manek, Chairman, Exim Bank and Mr. Ruurd Brouwer, Director Financial Institutions, FMO, places a seal on the unprecedented loan of USD 10 million (TShs. 16 billion).

A multi-million dollar handshake between Exim Bank and FMO (Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V.), a Dutch development bank, is poised to set the stage for a revitalised fiscal environment in the banking sector in Tanzania. An historic agreement signing ceremony on Tuesday, 31st January 2012, at the hands of Mr. Yogesh M. Manek, Chairman, Exim Bank and Mr. Ruurd Brouwer, Director Financial Institutions, FMO, places a seal on the unprecedented loan of USD 10 million (TShs. 16 billion) secured by Exim Bank from FMO. Articulating such a financial strategy serves to put the weight of surplus monetary supply behind the growing long-term credit needs of the bank's clients in Tanzania.

Speaking to journalists during a press conference held at the bank's headquarters in Dar Es Salaam, yesterday, the Chairman of Exim Bank, Mr. Yogesh Manek averred that in line with the bank's proliferation, in terms of the size of its operations, the loan from FMO accommodating a seven year tenure, is riveted to the express purpose of gratifying the long term credit needs of Small and Medium Enterprises (SMEs) operating within the country. "We are happy that FMO has expressed faith in us", he further added. Indeed, another feather in the bank's cap!

Director Financial Institutions of FMO, Mr. Ruurd Brouwer, opined, "Entrepreneurship is key in creating sustainable economic growth and improving people's quality of life. We have chosen to partner with Exim because the institution has a reputable financial stand." Extending its services globally, Exim Bank caters to the international needs of its customers through correspondent banking relationship with other international banks that include HSBC Bank, Banker's Trust, U.S.A. and Deutsche Bank AG, London.
"By supporting Exim's growth, especially in SMEs and agriculture based enterprises, we believe that our contributions will have a long term impact on the country's economic development," he added.