Govt commends bank for contribution of indigenous investments

21Oct 2019
Correspondent
Kibaha
The Guardian
Govt commends bank for contribution of indigenous investments

THE government has commended the investments made by TIB Development Bank for facilitating investments in indigenous industries and companies reducing the dependency on imported products.

Deputy Minister of Industry and Trade, Eng. Stella Manyanya

The remarks were made by Deputy Minister of Industry and Trade, Eng. Stella Manyanya when she paid a visit at the TIB Development Bank pavilion during the ongoing Coast Region Industrialisation week exhibition that is taking place in Kibaha town.

 

Eng. Manyanya who represented the Vice President,   Samia Suluhu Hassan at the launching of the exhibition, said that the investment made by the Bank had contributed significantly in reducing the dependency on imported products as well as providing jobs to Tanzanians.

"The investment done by TIB is a major contributor to reducing the dependency on imports products as we see these locally produced products which for many years we had relied on importation," she said.

On her part, the Deputy Minister of Energy,   Subira Mgalu appealed to manufacturers of cables and electrical appliances to keep producing best equipment, as the market for these products is available due to the government's huge investment in the energy sector.

She said the government deliberately decided to curb the importation of imported products, including electricity cables to protect local industries.

"Let me assure you that the market for your products is wider available you are aware, the government has banned the importation of products that can be produced by domestic investors," she said.

Speaking during the opening remarks, a representative of bank’s managing director,   Patrick Mongella said that the TIB Development Bank is a policy bank is effectively implementing the government's efforts by facilitating industrial investment in the country in order to increase employment and reduce importation of products.

He said the Bank has been the catalyst of the new strategic projects that the private sector cannot invest and finance the green field projects.

He added that the bank has been a source for developing alternative and innovative approaches to financing development such as the use of municipal bonds, public-private partnership projects, as well as infrastructure financing bonds.

"As a National Development Financial Institution, TIB has been helping the country in economic growth and development in strategic sectors, so we are strategically implementing Government’s strategies aiming at facilitating rapid economic development," he said.

According to   Mongella, TIB Development Bank has been a catalyst for planning strategic projects and bringing together other investors involved to reduce the risk to one investor.

“These projects have enabled creation of employment for Tanzanians, increased tax collections, reduced importation products and goods; as well as increasing foreign exchange earnings by selling processed products to foreign markets,” he said.

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