Tanzania: TIB takes top prize at DITF

TIB Development Bank has emerged winner in the Financial Institutions category at the ongoing 39th Dar es Salaam International Trade Fair for two years in row.

Having recently acquired their licences to operate as a development and commercial bank under TIB Development Bank and TIB Corporate Finance respectively, the bank is now ready to provide services to its clients with a complement of full banking services from the TIB Group.

Speaking minutes after receiving the bank’s victorious award from President Jakaya Kikwete who officiated the Trade Fair recently, TIB Development Bank Managing Director, Mr Peter Noni (pictured) told the press that the bank showcased the projects it has financed in key areas that will spur economic growth and development in Tanzania.

“The impressive train at the entrance of our pavilion demonstrates our capabilities in funding infrastructure projects,’’ said Mr Noni whose bank has injected 12bn/- to the Tanzania Railway Limited (TRL) as working capital and 18 million US dollar for locomotives remanufacturing.

Other exhibits according to Mr Noni include the bank’s participation in the oil and gas sector with its funding of the Wentworth Gas and the revamp of Coco Beach into a well-planned recreational facility in collaboration with Kinondoni Municipal Council.

“Actually, in the oil and gas sector, we have issued 26million US dollars to Wentworth Resources Limited, the company dedicated to oil and gas exploration to invest in gas transmission infrastructure,’’ he mentioned.

With the current status as per BoT certification given to TIB Development Bank and TIB Corporate Banking, the bank hopes to reduce the burden of government institutions and agencies which rely on Treasury to implement their development projects.

Being the premier national development financing bank, TIB Development Bank is set to offer long term financing for projects in infrastructure, real estate, financial leasing and project finance, according to Mr. Noni.

He further clarified that, the commercial bank subsidiary, TIB Corporate Finance is also set to offer a wide range of banking solutions including short term loans.

“This is a great achievement of President Kikwete who initiated our transformation from the former TIB Bank and he is now retiring from office upon its fulfillment.

We are optimistic that once it is fully funded, it will support a wide range of development activities,’’ He summed up.
Source: Daily News, reported from Dar es Salaam, Tanzania
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