14 December 2017

Tanzania: Azania Bank Supports Industrial Growth

AZANIA Bank Limited (ABL) has embarked on supporting the government's ambition to industrialise to achieve economic transformation.

Addressing a procurement officers meeting here, Azania Bank Ltd Senior Manager in Retail Banking, Mr Jackson Lohay said that on the industrialisation window is already participating in the agenda. Mr Lohay said that ABL is providing funds to entities that are starting industrial activities, expanding their production lines and factories as well as to revive industries that had stopped production.

Mr Lohay noted that the bank that is owned by pension funds by 98 per cent was acting on President John Magufuli's directive on industrialisation, starting with trade finance in two sugar industries in Morogoro. He unveiled that ABL is pulling together sugarcane growers and support them so that they produce well to supply enough and sustainable raw materials.

Mr Lohay said ABL is working with PPF to develop Karanga Leather Factory and with NSSF in supporting small industries in getting capital and with Small Industries Development Organisation (SIDO) and Vocational Education Training Authority (VETA) to initiate and develop industries.

ABL has also issued letters of credit to Cereal Processing Board of Dodoma, empower spare parts factories and is set to see more graduates in formal and informal employment as opportunities unfold due to more investment in agriculture and industries.

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