Business

TIB to support value adding industries

TIB Managing Director Peter Noni.

TANZANIA Investment Bank (TIB) has pledged to fund industries with potential of adding value to locally produced goods.

TIB Managing Director Peter Noni said at the just ended 36th Dar es Salaam International Trade Fair (DIFF) over the weekend that apart from financing, the bank offers technical support to local producers with interest on value addition.

“We want to help the country realises its vision of industrialisation by 2025 through supporting the citizens to start and run own industries…all that is required is for people to be bold and come up with workable proposals,” said Mr Noni.

He also invited individuals with funds but insufficient knowledge to prepare a workable industrial plan and approach the bank for technical support, noting that local producers stand to earn more profits by processing their products than they get from exports of raw goods.

Mr Noni called on Tanzanians to refrain from shyness and embrace the opportunity to invest in industries.“The country still faces the challenge of not having best skills in running some big industriesbut that should never hinder Tanzanians to dare…the few industries we have supported are now doing well,” he said.

TIB also seeks to partner with organisations that ownlarge land to develop infrastructure for small and medium entrepreneurs (SMEs) to build their industries.“We are in talks with Municipalities in Dar es Salaam, and we have so far agreed with Ilala Municipal Council on how we will support on reconstruction of Kisutu market to accommodate more small industries,” said Mr Noni.