Royal Tour is good for business, says CRDB CEO

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By The Citizen Reporter

Dar es Salaam. The Royal Tour, which President Samia Suluhu Hassan inaugurated on Monday April 18, is delivering massive economic growth for Tanzania, the managing director of CRDB Bank Plc has said, detailing how the lender would use its domestic and international network to rejuvenate businesses Tanzanians.

Mr Abdulmajid Nsekela – who is part of the business community who traveled with President Hassan on his trip to the United States – said the royal tour would boost tourist arrivals and investment.

“We hope that The Royal Tour will achieve its objectives of promoting Tanzania as a leading country in terms of tourist attractions globally and thereby help attract tourists to Tanzania… It will also boost trade between Tanzania and other countries and attract investors to come and invest in the country,” he said.

During the royal tour, the CRDB delegation met with a senior executive from Citibank and Pegasus, where they discussed business issues that could benefit Tanzania and Tanzanians.

The CRDB Bank delegation also paid a courtesy visit to Moody’s and held a high-level discussion on market positioning, including capacity building, access to information and rating monitoring. credit.

The meeting with Citibank senior executives discussed key shared priorities to drive and support the economic empowerment of small and medium enterprises, with a focus on women and youth, digitalization and the blue economy agenda .

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“There was also talk of technical assistance to CRDB Bank to build the Bank’s ability to serve the segment and meet the rapidly growing demand…Citibank being CRDB Bank’s main USD correspondent bank – the banks also discussed cross-border business support for its future-launched subsidiary in the DRC,” Nsekela said in a statement on Tuesday.

During the meeting with the executives of Pegasus, an American company that invests in sustainable and health-related business solutions, the company expressed its desire to enter the Tanzanian market and specifically discussed how it could collaborate with CRDB Bank.

The Royal Tour documentary – which was shot and filmed in Tanzania – will be used to market the country’s tourist attractions globally, as part of the government’s renewed efforts to boost tourists following the global Covid-19 pandemic.

After the initial New York launch on April 18, the film will also launch in Los Angeles on April 21, Dar es Salaam on April 28 and later in Zanzibar.

President Samia participated in the recording of the documentary last year as she visited various tourist attraction sites with the US-based film crew.

Tanzania’s tourism sector, which has been hit hard by the Covid-19 pandemic, is in recovery mode, with figures from the Bank of Tanzania showing that in the year ending February 2022, revenue in sector currencies fell from just $645.4 billion to $1.457 billion. million over a similar period last year.

This increase is due to an 87.9% increase in tourist arrivals which reached 958,173 travelers in the year ending February 2022.

According to Nsekela, the idea behind The Royal Tour – which CBS News Travel editor Peter Greenberg curated – was to ensure the world understood Tanzania’s abundant natural resources, including its rich sites in the cultural and natural heritage.

“We have tanzanite minerals that are only found in Tanzania all over the world… We have huge reserves of natural gas, coal, rivers, lakes, oceans and game reserves. We “We have over 100 tribes coexisting peacefully. We have rich culture and tradition, natural food, history and clothing. All of this is an economic opportunity to be exploited,” he said.

He said CRDB decided to be part of The Royal Tour largely because the lender had a history of working with the government to execute various development projects and support communities in their development efforts.

Nsekela hinted that CRDB Bank is well prepared to ensure that participants in the anticipated economic stimulus – which The Royal Tour will fund – will be able to obtain all their financial needs from the main bank.

Some of the CRDB Bank services and products that would benefit all businesses include using PoS, e-commerce, Visa/MasterCard, UnionPay and QR code to make payments to individuals, businesses and agencies governmental. The Bank also offers investment and working capital loans for existing businesses and those that The Royal Tour will inspire among the many.

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