Culture Fund,CRDB Bank partner to expand loans to artists

11Jul 2023
The Guardian Reporter
DAR ES SALAAM
Business
The Guardian
Culture Fund,CRDB Bank partner to expand loans to artists

After six months of experience in lending to artists, the Culture and Arts Trust Fund has signed an agreement with CRDB Bank to extend its lending portfolio through the bank’s branch networks across the country.

The CRDB Bank chief commercial officerBomaRaballa (R ) and the Culture and Arts Trust Fund  chief executive officer NyakahoMahemba (L) exchange the signed agreement documents for offering credits to artist and the sector stakeholders at Julius Nyerere International Conference Centre on Saturday (Photo by Guardian Correspondent)

As at December 2022, the fund has so far issued credits amounting to 1.07bn/- to 45 cultural and arts projects, of which 29 are men led and 12 are led by women.

Speaking during the signing of the agreement, the minister of culture, arts and sports DrPindiChana said since the start of the fund’s lending, the government has experienced huge demands for financing cultural and arts projects.

“We want this loans to be accessed everywhere there are artists in order to promote talents because everyone has realized the benefits of arts and culture. The access of these credits to CRDB Bank branch network will reduce costs to artists from traveling to Dar es Salaam at the fund’s headquarters,” she said.

She said the government has also started to seek opportunities for artists outside the country through participating different international festivals to expand their network and incomes.

“These loans are accessed at the interest rate of nine percent, which is lower than the market rate. I urge all artists to exploit this opportunity,” she said.

The chairman of the fund’s board of trustees AbdulmajidNsekela said will ensure that artistic and cultural works are improved commercially to create jobs for many youths through giving credits and training since 2020.

“Out of previous loans, men have received 737mn/- while women have borrowed 275mn/-. One group has received 10mn/- and three companies have borrowed 55mn/-. The repayment is encouraging at the rate of 88 percent and we want to ensure that we enhance supervision to expand the rate to 95 percent,” he said.

He said the fund has offered training to 7,216 stakeholders in Dar es Salaam, Arusha, Dodoma, Kilimanjaro, Morogoro, Tanga andPwani as well as supporting the purchase of working facilities to five training institutionsincluding Simba Scratch Academy, Koshuma Training Institute, MwanambokaUjuzi-Hub, Dage School of Dressing and AM Fashion.

“I would like to inform you that, this programme will become a solution to challenges facing artists as we are fulfilling the dreams of President SamiaSuluhu Hassan,” Nsekela, who is also the CRDB Bank managing director said.

Speaking during the signing of an agreement, the CRDB Bank chief commercial officer BomaRaballa said the bank will ensure that the fund’s objectives are reached.

‘We are confident that in collaborating with the ministry of culture, arts and sports and other government institutions, the objectives will be reached. We have also seen the government efforts to build friendly environment for culture, arts and sports stakeholders to benefit their works through creativity personally and their families,” he said.

He said in order to access credit from 200,000/- to 100mn/-, interested borrowers are required to send their application to the fund’s office spread across the country for verification before they are sent to CRDB Bank branch by the fund.

 

 

 

 

 

 

 

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