Trending
- AmCham Summit kicks off, setting course for robust future of US-East Africa trade ties
- Why the UN is raising the red flag on the UK-Rwanda asylum treaty
- Portugal’s Galp Energia projects 10 billion barrels in Namibia’s new oil find
- Wärtsilä Energy offers tips on how Africa can navigate energy transition and grid reliability
- Powering Africa: Africa’s Path to Universal Electricity Access
- Global investment trends at AIM Congress 2024: a spotlight on the keynote speakers
- South Africa’s deepening investment ties in South Sudan oil industry
- Agribusiness could drive Africa’s economic prosperity
Browsing: SME-CGS
Tanzania’s Central bank, the Bank of Tanzania (BoT) has pledged 500m/- in soft loans to the country’s artisanal gold miners.
The loans will be extended via the 13-year-old artisanal miners’ empowerment scheme dubbed the Small and Medium Enterprises Credit Guarantee Scheme (SME-CGS).
Under the scheme, the artisanal miners are guaranteed working capital from commercial banks in their respective areas of operation. The way it works is that the central bank guarantees the commercial bank up to 50% of the loan amount that the miner applies for. On the other hand, the recipient is then responsible to cover the remaining 50%.
This scheme was passed into law by the Act of 2006 which stipulates that when the loan is passed then the responsible financial institutions pays one per cent of the guaranteed loans to the central banks.
To secure these soft loans requires a business plan complete with financial plans detailing …