DAR ES SALAAM, Oct. 23 -- IN a significant boost to Tanzanias trade and economic growth, Exim Bank Tanzania has received approval for 10 million US Dollars from the African Development Bank (AFDB).

The facility is set to strengthen Exim Banks capacity to support Small and Medium-sized Enterprises (SMEs) and corporates by enhancing access to trade finance solutions and promoting cross-border trade.

Under this facility, the African Development Bank will provide up to 100 percent guarantees to confirming banks against the non-payment risk associated with Letters of Credit and similar trade instruments issued by Exim Bank Tanzania. This will significantly improve the availability of import and export financing for Tanzanian businesses, help...