Tanzania Daily News (Dar es Salaam)

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.

Ads by Google

Copyright © 2013 Tanzania Daily News. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.