THE Export Processing Zones Authority (EPZA) has entered into an agreement with the TIB Development Bank with a purpose of getting loans to develop infrastructure in areas owned by the Authority.
EPZA officials say loans from TIB will help in development of infrastructure for purposes of attracting more investment in the country.
EPZA Director General, Dr Adelhelm Meru, hailed the move, saying it is an important step towards realisation of the institution's vision and mission.
"This is a very important progress," Dr Meru told a news conference in Dar es Salaam.
He said TIB loans would facilitate development of various EPZA areas including Bagamoyo, Mtwara, Kigoma, Tanga and others in 20 regions in Tanzania.
"This makes us fulfil a long time dream of having necessary services and infrastructure in all our areas," he said.
Dr Meru said that the agreement will make it easy for his authority to secure money for the development of EPZA areas instead of looking for foreign sources or requesting money from the government's coffers.
He said that since investors all around the world prefer to invest in areas that are fully furnished with necessary services such as water, electricity and roads, the move was the right way of attracting them.
He explained that EPZA wants to attract investors who would establish factories for the purpose of increasing government's revenue, creating jobs and generating other benefits.
TIB Development Bank Managing Director, Mr Peter Noni, said his bank has built the capacity to support such projects for the benefit of the country.
"We know the importance of areas under EPZA for the development of this country... we are happy and ready to offer our services toward this initiative," he said.