Tanzania Daily News (Dar es Salaam)

Tanzania: Mantrac, Stanbic Bank Seal Business Deal

MANTRAC Tanzania Limited and Stanbic Bank (T) Limited have sealed a business deal through which local contractors and clients will buy heavy duty construction and power generation equipment manufactured by US based Caterpillar Inc (CAT).

Under the deal local clients will get loans from Dubai-based Caterpillar Financial Services Limited to buy the expensive and original caterpillar machines. "This partnership will enable us offer more flexible financing to meet our growing customer needs," said Mantrac Tanzania Limited Managing Director, Frederick Aryeetey.

Mr Aryeetey said the deal will also allow local clients to purchase used CAT equipment and enjoy a six-month guarantee, the best and only one in the market so far. He said CAT expects demand to continue growing as the country's construction sector booms.

"The market competition is growing fast but with this arrangement between CAT and Stanbic, we will remain competitive," pointed out Mantrac Tanzania Limited MD. Caterpillar Financial Services Limited Managing Director for East Africa, Adel Selim and Stanbic Bank Limited's Head of Wealth, Lilian Kitomari said the partnership will offer the best services to clients because of their experience and knowledge of working in the country.

"Through this partnership, we can provide the best financial services to our clients across the continent because Stanbic Bank have presence in all parts of Africa," said Mr Selim who noted that similar deals have been crafted in Ghana, Kenya and Uganda while Nigeria will follow suit.

Ms Kitomari promised clients the best services, saying the bank has several years of the market experience, "We at Stanbic Bank are happy to be associated with this partnership."

Mantrac Tanzania Limited which is the sole distributor of CAT equipment in the country, has branches in Mbeya, Moshi, Mwanza and Tanga where both brand new and used heavy duty construction, mining, power and drilling equipment are supplied. The firm also leases equipment at a minimum of 900,000/- per month for a minimum of one month.

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