The Tanzania Chamber of Commerce Industry and Agriculture (TCCIA) has entered into a strategic partnership with the International Credit Rating Agency (ICRA) to facilitate Tanzanian entrepreneurs in obtaining loans from international sources.
TCCIA President, Vicent Minja, announced the collaboration during a press conference in Dar es Salaam on Tuesday. According to Minja, this partnership aims to provide Tanzanian businesses with opportunities to secure loans from abroad, contributing to the growth and expansion of local enterprises.
Under the agreement, businesses affiliated with TCCIA will undergo thorough evaluations by ICRA before being considered for overseas loans. Minja emphasized that this evaluation process is crucial in determining the eligibility of businesses and the amount of loan they can potentially receive.
"If your business passes the evaluation and is deemed suitable for a loan, ICRA will then assess the extent of the loan that can be granted," explained President Minja. He highlighted ICRA's expertise in credit evaluation, emphasizing the agency's registration with the Central Bank and its successful track record in other countries.
While underscoring the importance of the partnership, Minja clarified that TCCIA's primary objective is to assist its members in meeting the necessary criteria for securing loans from international sources. Additionally, the collaboration aims to foster unity among traders and create an enabling environment for the private sector to thrive.
"The ICRA partnership is a strategic move to empower our members, ensuring they have access to financial resources that can spur business growth and contribute to the overall economic development of Tanzania," stated President Minja.
This initiative aligns with TCCIA's commitment to supporting the business community, promoting economic growth, and enhancing the competitiveness of Tanzanian enterprises in the global market. The partnership with ICRA is expected to open up new avenues for local businesses, encouraging investment and facilitating economic prosperity in the region.