The Citizen (Dar es Salaam)
Mnaku Mbani
27 June 2008
Moroni — Comoros President Ahmed Abdullah Sambi has pledged to protect foreign investments in the islands. He said by attracting more investors into the islands, competition will grow and service delivery would improve to benefits the citizes, stimulate the economy and reduce poverty.
Speaking yesterday in Moroni yesterday during the launch of Exim Bank Comores Limited, a subsidiary of Exim Bank Tanzania Limited, Mr Sambi urged politicians to remain united in efforts to build a strong Comoro.
He noted that the country needed a lot of investment to achieve economic progress, adding that the main problem facing Comoro is not politics, but economy. Exim Bank Tanzania is the first bank in the country to venture into a foreign countries and is the second bank to enter into Comoro.
It has started to operate in Ngazija island before it expanded to Anjouan and Moeli. Figures show that only two Comorian islands among ten, access banking services. According to President Sambi, his main preoccupation at the moment is to attract investors to search for oil in the islands. He thanked President Jakaya Kikwete for permitting Exim Bank to introduce its services in his country.
Earlier, Exim Bank Tanzania managing director Sabetha Mwambenja said the bank plans to open more branches in the remaining Comorian three islands and installation automated teller machines. She said the bank considers Comoros a strong emerging markets for banking, adding that a feasibility study has revealed that Comorian traders importing goods and services from Tanzania are forced to carry cash when crossing the Indian Ocean to Tanzania which not safe.
The bank will be offering import/export financing, current and saving accounts, cash drafts, telegraphic money transfer and microfinance services for businesswomen. Exim Bank chairman Yokesh Manek said the bank would continue to forge more networks with other international banks. According to him, Exim Bank is among top ten commercial banks out of 32 in Tanzanian the market.
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