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Tanzania : SA Group of Banks offers Sh300B loan to MeTL

August 20, 2014

A consortium of world leading bankers recently met for a signing ceremony of US $200 million loan to local corporate, Mohammed Enterprises Tanzania Limited, at a posh suburb of Johannesburg, Sandhurst.

Speaking soon after the loan signing event, Rand Merchant Bank (RMB) Executive Director, Bruce Macfarlane, said : "I hope you will use this loan very well as you have demonstrated before to tap into opportunities available in your part of the world where a lot of investment opportunities still exist."

He said ever since his bank began working with MeTL in 2007 when it loaned US $7m to the group the local firm has made significant progress to branch-out and expand in line with the loan's objective.

Macfarlane noted that he wasn't so sure that results will be encouraging, when MeTL Group CEO, Mohammed Dewji first contacted the bank for the loan designed to help with diversifying the family business.

Dewji who took charge of the family corporate in 1999 after he returned from Georgetown University in the United States, has since then lead a programme to wean the group from being a commodities trading entity to a production giant.

Dewji who is now, one of the youngest CEOs to lead a corporate with revenues of over US $1.3 billion per year in Sub Sahara Africa and also doubles as Singida urban lawmaker for the ruling Chama Cha Mapinduzi, said : "Thanks to your confidence and support to us, Mohammed Enterprises is a household name not only in Tanzania but in several countries in east and southern Africa. In Tanzania today, no single family cannot pass the whole day without putting our group's products to use, we are in manufacturing of edible oil, soap, plastics, sisal bags, commodities trading, transportation, communications and soft drinks."

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Source: TendersInfo (India)

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