(3 minutes read)
TIB Bank must have created at least 30,000 employment opportunities and improved financing access for private and public developers by pumping TSh 980 into Tanzania’s developmental projects. According to the bank, private sector projects accounted for 93 percent of the financed projects, while seven percent were for the public sector.
TIB Bank must have created at least 30,000 employment opportunities and improved financing access for private and public developers by pumping TSh 980 into Tanzania’s developmental projects. According to the bank, private sector projects accounted for 93 percent of the financed projects, while seven percent were for the public sector. The key projects were agriculture, minerals, tourism, manufacturing, and other services. TIB has financed 253 projects in the agriculture sector worth Sh334.7 billion. The projects benefit over 10,230 people in 23 regions. In the energy sector, there were six projects valued at Sh12.03 billion, resulting in the production of 8.84 megawatts and benefiting 500, 000 households.
Other projects and their respective values are listed in brackets: minerals (Sh205.39 billion), tourism (Sh154.95 billion), manufacturing (Sh119.29 billion), construction (Sh45.33 billion), water (Sh14.89 billion), education (Sh14.82 billion), communication, and transport (Sh5.4 billion), while Sh3.72 billion used for financial partners.
According to TIB Development Bank’s acting MD Lilian Mbassy, there have been 30, 000 employment opportunities created, improved access to financing for private and public developers, as well as facilitated access to basic public services in areas of education, health, and clean drinking water. The TIB boss further said that the strategic focus towards 2023/2024 will be on the energy, agriculture, water, real estate, and manufacturing sectors.
The bank offers a range of single-digit interest rate loans to projects such as agriculture (between 4 and 5 percent), energy (between 6 and 7 percent), and water projects (6 and 10 percent).
Mbassy said the bank is also collaborating with the government through a debt-collecting task force that ensures every cent of the government’s money is not lost. For those cases that go to court, the bank has an agreement with the solicitor general that their hearing and determination are expedited.
Read Also:
https://trendsnafrica.com/tanzania-rides-on-a-steady-economic-growth-grew-by-5-2pc-in-q2-of-2023/
https://trendsnafrica.com/new-foreign-exchange-regulations-in-tanzania-amidst-forex-crunch/
TIB Development Bank, formerly known as Tanzania Investment Bank, is a government-owned development bank in Tanzania. The bank is the first development finance institution established by the Government of Tanzania
