On the sidelines of the Annual Meetings of the World Bank and the International Monetary Fund (IMF), CRDB Bank has secured a USD 225 million funding agreement with Japan’s MUFG Bank to support environmental conservation and climate change mitigation projects in Tanzania.
The agreement, signed in Washington D.C., was witnessed by the Tanzanian Minister of Finance, Hon. Dr. Mwigulu Nchemba, who is leading Tanzania’s delegation at the meetings.
The funding aims to enable Tanzania to implement key projects that align with global efforts to combat climate change.
CRDB Bank was represented by its CEO, Mr. Abdulmajid M. Nsekela, while Mr. Christopher Marks, Executive Director for Markets, signed on behalf of MUFG Bank.
“This partnership marks a significant step towards driving sustainable development in Tanzania, particularly through green financing, which is crucial in addressing the pressing challenges of climate change,” said Dr. Nchemba during the signing ceremony.
The event, held at the Embassy of Tanzania in Washington D.C., was also attended by the Minister of State for Finance and Planning-Zanzibar, Dr. Saada Mkuya Salum, Tanzania’s Ambassador to the United States, Hon. Dr. Elsie S. Kanza, the Permanent Secretary of the Ministry of Finance, Dr. Natu El-maamry Mwamba, the Deputy Permanent Secretary of the Ministry of Finance, Mr. Elijah Mwandumbya, and the Governor of the Bank of Tanzania, Mr. Emmanuel Tutuba, along with other senior officials.
The collaboration between CRDB Bank and MUFG Bank is expected to accelerate Tanzania’s efforts to meet its environmental goals and support projects that promote sustainable development.
CRDB Bank and MUFG Bank Sustainable Financing Initiatives
CRDB Bank, Tanzania’s largest bank, has been actively pursuing sustainable financing initiatives. In March 2023, it established a Green, Social, and Sustainability Bond Framework, reflecting its commitment to environmental and social sustainability.
In October 2023, CRDB issued Tanzania’s first green bond, the Kijani Bond, valued at US$ 300 million, aimed at funding environmentally friendly projects over five years. This bond was the largest of its kind in Sub-Saharan Africa at that time.
MUFG Bank (Mitsubishi UFJ Financial Group) is one of Japan’s largest financial institutions and ranks among the world’s leading banks.
The bank has been increasingly focusing on sustainable finance and environmental, social, and governance (ESG) investments, aligning with global trends toward sustainability.
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