Zanzibar — NMB Bank, one of the largest lenders in the country, single borrower limit has increased by 30 per cent to hit a historic level thanks to the lender's solid performance.
NMB Bank Chief of Retail Banking Filbert Mponzi said the amount increased to 325bn/- in the third quarter of this year from 250bn/-, which was the highest single borrower ever issued by a financial institution in the history of the country.
"NMB Bank has introduced various tailor-made products for Tanzanians in the diaspora. This is not only limited to Tanzanians but our ambassadors as well.
"We have already engaged some ambassadors on how to capitalise on our products including loans and mortgage financing," Mr Mponzi said on behalf of the lender's CEO Ruth Zaipuna in Unguja, Zanzibar.
He told Ambassadors representing Tanzania in 45 countries and tourism sector stakeholders during a dinner gala that the bank was committed to supporting economic diplomacy by offering unmatched banking services and products as part of its efforts to lure more Foreign Direct Investments (FDIs).
The dinner gala was organised by the bank in partnership with the Zanzibar Association of Tour Operators (ZATO).
The Minister for Foreign Affairs and East African Cooperation Stergomena Tax said that the ambassadors' conference was successful since it provided envoys a platform to share knowledge and experience on the means and ways of implementing country's foreign policy that focuses on economic diplomacy.
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Zanzibar Minister for Tourism and Heritage Simai Mohamed Said speaking on behalf of the Zanzibar Second Vice President Hemed Suleiman Abdullah said the 8th phase government under President Hussein Mwinyi has prioritised the Blue Economy Agenda as a catalyst to economic prosperity and development.
"The country is on the right track, [thanks] to commitment [laid down] to drive the development agenda across the country," he said.
Earlier the ZATO Board Chairperson Hassan Ali Mzee noted Zanzibar is naturally endowed with vast tourism resources and urged Tanzania's ambassadors to come up with strategies to enable the country to tap into new markets.
"We should now focus on tapping tourists who will add value to the tourism sector. This should go hand in hand with cultivating new markets," Mr Mzee said.
The envoys were scheduled to visit various tourist destinations and strategic investment projects in Zanzibar.
