U.S. Government Signs Development Credit Authority (DCA) Agreement with Amana Bank

Dar es Salaam: On October 7, 2019, the United States Government, through the U.S. Agency for International Development (USAID), signed a $10 million USD Financing Portfolio Guarantee Agreement with Amana Bank. The DCA’s aim is to strengthen the bank’s ability to provide financing to agriculture-related micro-, small-, and medium-enterprises and women- and youth-owned businesses in Tanzania.

During the signing ceremony, Dr. Diana B. Putman, USAID Deputy Assistant Administrator for the Bureau of Africa said, “The guarantee agreement is intended to strengthen Amana Bank’s ability to provide financing to agribusinesses in Tanzania. As a result, we anticipate this program will contribute to sustainable growth of agriculture-related businesses.”

In addition to supporting increased access to credit, the agreement expands access to customers and regions throughout Tanzania, including Zanzibar. The agreement with Amana Bank is the first partnership with an Islamic bank in sub-Saharan Africa.

The U.S. government supports business development and the role of the private sector in contributing to Tanzania’s development and capacity to achieve self-reliance.