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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