Tanzania: CRDB bank pledges to help Kagera sugar mill financially to double sugar production. The mill plans to double its sugar production, which will not only fulfil a domestic need but will also fetch additional revenue.
Abdulmajid Nsekela, Managing director of the bank, “Our financial support will help to boost domestic production and strengthen country’s economy.”
He said, “By financially supporting the growth of domestic industries we are enabling them to grow and produce both for the domestic and foreign markets and contribute to economic growth.”
According to the media report, Kagera Sugar’s CEO, Ashwin Ranna commended CRDB for supporting the factory with a loan of U$100 million which has enabled the factory to exist and employ hundreds of people while also paying taxes.
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