Tanzania’s central bank to give $432 mln loan for lending to private sector
TANZANIA’S central bank will provide a 1 trillion shilling ($432 million) loan to commercial banks for lending to the private sector, as part of measures aimed at tackling the effects of the COVID-19 pandemic. The Bank of Tanzania said in a statement that it asked commercial banks to cap the lending rate to borrowers in the agriculture sector at 10%. The bank said the loan to commercial banks will have a 3% interest rate, and they can use it to pre-finance or refinance loans to private businesses. Tanzania, which under late President John Magufuli had downplayed the impact of COVID-19…