Tanzania: TIB, phone company sign 46bn/- loan

Tanzania Telecommunication Company Limited (TTCL), has signed a bank loan guarantee with TIB Development Bank that also released a loan worth 22 million US dollars (about 46.20bn/-) for investing in new network infrastructure to distribute 3G and the recently rolled out 4G-LTE.

The loan deal signed in Dar es Salaam by the two state owned institutions is the first phase of the 329 million US dollars total loan being sought by TTCL for the implementation of its business transformation.

The 4G-LTE, Fourth Generation- Long Term Evolution is a standard for wireless communication of high-speed data for mobile phones and data terminals.

TTCL Chief Executive Officer, Dr Kamugisha Kazaura said that the inking down of the loan deal is good news to the company’s customers, Tanzanians and all stakeholders making use of the state owned telecom services.

“We are grateful for TIB Development Bank acceptance to partner with us after recognizing TTCL’s capacity to transform its business strategies towards to deliver high quality services,” he said.

With the loan, he said the telecom firm will manage to put into place network infrastructures, procure modern machines and equipment thus increasing the company’s service delivery efficiency to domestic and foreign customers.

“Tanzanians should expect high quality, reliable and cost efficient services from TTCL,” said Dr Kazaura. With the funds, TTCL will manage to erect more infrastructures to have eleven regions covered by the end of 2016.

The execution of the business transformation will ultimately lead to the realisation of the fixed mobile convergence, a big differentiator that can not easily be replicated by other operators. TTCL is still a leader and commands the market in data services delivery.

The TIB Development Bank, Deputy Managing Director Mr Jaffer Machano said the development bank is giving priority to infrastructure development in all sectors including communication.

“TIB Development Bank in collaboration with TIB group is ready to make the TTCL project a reality through the arrangement of the total loan worth 329 million US dollars,” he said.

Eleven TTCL towers have been built up to cover Dar es Salaam areas namely the Julius Nyerere International Airport (JNIA), Pugu Road and the New Post Office in the central business district.
Source: Daily News, reported from Dar es Salaam, Tanzania
Share on Google Plus

About Abduel Elinaza

This is a short description in the author block about the author. You edit it by entering text in the "Biographical Info" field in the user admin panel.