12 June 2019

Tanzania: NMB Commits to Support Govt Initiatives

NMB bank will make sure it supports minerals, agriculture, tourism and industrialisation projects, which the government is laying much focus on amongst other to realise its goals.

The pledge was made by NMB Bank Head of Business Banking, Mr Donatus Richard, while addressing a meeting attended by about 300 members of the bank Business Club in Bukoba Municipal Council yesterday.

He further said that the bank was fully committed in its strategies to support the government in its initiatives by playing key role(s) to hasten the country's development.

"The government has embraced industrialisation as part of its strategy to address unemployment amongst the youth in the country, and this should be supported.

Without an efficient industrial base, the country's economy can hardly develop and create job opportunities, and NMB bank is ready to support the initiatives," he pointed out.

Mr Richard noted further that his bank to-date has issued 600bn/- as provided soft loans to Micro and Small Entrepreneurs (MSE), ranging between 500,000/- to 50m/- and Small and Medium Entrepreneurs (SME), ranging between 50m/- to 2.5bn/-.

However, he appealed to the business communities in Kagera Region to utilise their services ranging from Mobile, Internet banking and Call Centres, which operate on 24 hour basis to grow in business.

In another development, Mr Richard also appealed to Kagera residents and other citizens particularly in eight regions where the 1445-km East African Crude Oil Pipeline (EACOP) would pass to ensure that they safeguarded it, and at same time take advantage of the project and its related businesses along it, adding: "NMB is ready to give advice and give loans at affordable criteria here."

Out of the 1, 445 kms, Tanzania takes the lion's share, with about 1, 147 kms, almost 80 per cent, where it is projected that about 10,000 Tanzanians would get employment, and mostly 2, 017 would be Kagera residents.

Tanzania

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