The government of Zanzibar is set to embark on the construction of 23 modern two-storey schools across Unguja and Pemba, thanks to a concessional loan of approximately €80 million (240bn/-) facilitated by CRDB Bank in collaboration with Deutsche Bank of Spain.

Speaking during the loan agreement signing ceremony between the local bank and the Zanzibar Ministry of Finance and Planning, President of Zanzibar and Chairman of the Revolutionary Council, Dr. Hussein Ali Mwinyi, commended the bank for its commitment to supporting national development projects. 

He emphasized that the school construction initiative is a crucial investment in the country’s future.

“The €79.962 million loan will enable us to build 23 two-storey schools. These schools will significantly reduce the shortage of classrooms and provide a conducive learning environment for our children. Our goal is to ensure our youth study in settings that support their growth both academically and personally,” said President Mwinyi.

The new schools will feature modern classrooms, quality sanitation facilities, attractive green spaces, administrative offices, state-of-the-art laboratories and libraries, and clean playgrounds. 

According to President Mwinyi, such infrastructure is vital for nurturing the next generation of leaders, doctors, engineers, accountants, lawyers, and scholars.

“This funding comes at a critical time. Every community I visit, people are asking for multi-storey schools – even in remote areas like Tumbatu. I commend the Ministry of Education for realizing this vision. The money for this project is now secured, and we are ready to move forward,” he added.

The loan includes €69.312 million (85 percent) from CRDB Bank in partnership with Deutsche Bank, while CRDB Bank will contribute the remaining €10.65 million (15 percent) independently. 

This arrangement has received full approval from the Revolutionary Government of Zanzibar (SMZ) through its Ministry of Finance and Planning.

CRDB Bank’s Chief Executive Officer Abdulmajid Nsekela reaffirmed the bank's long-standing partnership with both the Union Government and the Zanzibar government in supporting projects that improve citizens' lives. 

He noted that preparatory conditions for disbursing the funds are near completion, with project implementation expected to begin shortly. The initiative adds to bank’s growing development portfolio in Zanzibar, bringing its total support to SMZ-supervised projects to 375bn/-. 

Earlier this year, the bank also played a key role in the successful issuance of the Zanzibar Sukuk bond, which raised 381bn/- for Shariah-compliant development projects.