7 July 2010

Tanzania: Investment Bank to Open Branches Countywide

The Tanzania Investment Bank (TIB) will open branches countrywide. This is aimed at providing services to potential clients involved in agriculture, said managing director Peter Noni. In so doing, objectives of the Agriculture First initiative would be met, he said.

He was speaking at the Dar es Salaam International Trade Fair yesterday. The bank has branches in Dar es Salam, Mwanza and Arusha and is planning to open others in Dodoma, Mbeya and Zanzibar this year. Plans to open branches in other regions are also underway.

"The government has given us the duty to implement the 'Kilimo Kwanza [Agriculture First]' initiative through providing farmers with long-term and low-interest loans. We have to make sure that we reach all Tanzanians," he said.

Last month, the bank opened a window for agriculture financing to serve small and medium-sized farmers who operate in cooperatives. According to a press release, the bank will offer lending rates of between five and eight per cent a year. Repayments will be done between six months and 15 years.

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