Tanzania's Exim Bank launches second branch in Djibouti

Exim Bank Tanzania has opened its second branch in Djibouti to extending its services to customers in the Horn of Africa as it continues to widen its reach to customers abroad.

The Governor of The Central Bank of Djibouti, Mr Ahmed Osman, speaking at the inauguration ceremony on Monday, congratulated Exim Bank’s efforts to bring its innovative services to the people of Djibouti.

“This was a very strategic decision for Exim Bank,” Governor Osman, said. “It was important for the bank to expand its footprint in Djibout Free Zone and the Djibouti market and the location of this branch is a good spot for accessing that market,” he added.

Governor Osman said the newly opened branch would enable the entire population of the Free Zone access quality banking services including loans at highly competitive, but reasonable interest rates.

Chairman of Exim Bank Mr Yogesh Manek said, “Djibouti Free Zone, handles about USD 2.8 billion turnover in a year. There are various future projects on queue like Port of Tadjourah, New Airport, Crude Oil terminal, Ship Repair and Dry Dock.

“The investment of about US$ 300 million in phase 2 of the Djibout Free Zone and with expected investment of about US$ 4.4 billion on the development of Ports and maritime related business activities in the country, it is safe to say that Djibouti is the place of the future.”

He said that this is the appropriate time to capitalise on the extraordinary growth dynamics in the country and the opening of the Free Zone Branch is part of the Bank’s strategy to grow its Djibouti business.

“People in the Free Zone should brace themselves for unmatched banking services that we are set to offer. Exim Bank believes in innovation and our new branch will offer tailor-made products,” he reiterated.

Djibouti is strategically located near the world’s busiest shipping lanes, controlling access to the Red Sea and Indian Ocean. It serves as a key refuelling and transshipment centre, and is the principal maritime port for imports to and exports from neighbouring Ethiopia.
Source: Daily News, reported from Dar es Salaam, Tanzania
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