Tanzania: NMB Pledges Support to Investors in Energy Sector

NMB Bank Plc has re-affirmed its commitment to continue financing investors in Tanzania's energy sector value chain as part of its commitment to complement Government efforts and support the growth of the sector.

Speaking during on topic dubbed 'The importance of accessing finance and a fair regulatory regime' during the Tanzania Energy Conference held in Dar es Salaam on wednesday, NMB Chief of Wholesaler Banking, Mr Alfred Shao, said the bank has several finance options to support potential investors in the energy sector, both upstream and downstream.

Mr Shao said the bank is a certified investment advisor that also offers advisory services to clients and also sometimes helps to raise equity for potential companies.

"We understand that the energy sector is a capital-intensive sector. As a bank we will be financing the energy sector because we have a strong balance sheet and our single borrower unit is now over 310bn/- to a single borrower," he said.

He said the bank has also built good partnerships and collaborates with international financiers such as the Africa Development Bank (AfDB) and the International Finance Corporation (IFC) among others who are interested in green bonds.

"We successfully issued the NMB Jasiri bond which was oversubscribed and we are looking forward to issuing a green bond targeting the renewable energy sector," he said.

On his part, the Deputy Minister for Trade and Investment, Mr Exaud Kigahe said the government looks forward to harnessing untapped areas, especially in renewable energy and reiterated Government's commitment to continue working with the private sector.

He said the Government has already embarked on a roadmap to increase the ease of doing business in Tanzania reiterating the government's commitment to reduce unnecessary bureaucracy amongst its institutions.

"Currently our ranking in the aspect of doing business is not good. We have taken major strides to create a conducive business environment as part of our efforts to attract more investors in the country and improve the country's competitiveness," he stressed.

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