16 September 2013

Tanzania: Tib Bank Eyes Investments in Economic Infrastructure

Mbeya — TIB Development Bank plans to start investing in huge infrastructure projects to support the government's efforts to revamp and improve transport services as a stimulus to economic activities.

TIB Managing Director Peter Noni, speaking at the official launch of the bank's new head office for the Southern Highlands Zone here over the weekend, said the bank was eyeing railways, energy, roads and communications sectors.

"The bank is currently repositioning to start investing in huge projects of economic infrastructure like railways, roads, energy and communications," he said, hinting that to accomplish the mission, the bank will partner with other development banks from outside the country.

He clarified that apart from investing in the economic infrastructure, the bank will also start to invest on citizens especially people from the rural areas to boost their respective capacities in fighting against poverty.

"We also want to empower local people from the rural areas to ensure that members of the public from the grassroots level are financially empowered to become middle income earners,' he said.

TIB bank has this year set aside 379bn/- through its loan portfolio, to directly benefit ordinary people, with the bank projecting to generate a pre-tax profit of 16.6bn/- from the disbursed loans.

Mbeya Regional Commissioner Abbas Kandoro officiated the ceremony, saying the government wants to see TIB bank becoming one of the strongest financial institutions promoting investment in agricultural processing for farmers, fishers and pastoralists.

"The government will work tireless to ensure that small farmers get reliable markets for their crops," he said.

Kandoro said if Tanzanians have benefits from their agricultural produce, they should get rid of the raw material exports and instead invest in domestic processing.

He asked Mbeya residents and Tanzanians in general to cultivate a culture of repaying loans they get from financial institutions to win respect and trust from the lenders.

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