NMB Bank Plc has been a key supporter and strategic partner of the government in the past five year term playing a pivotal role in the development endeavours to uplift the welfare of Tanzanians, Prime Minister Kassim Majaliwa said last week.
Speaking here on Friday at the ongoing Dar es Salaam International Trade Fair (DITF), when he visited the bank’s pavilion, Premier Majaliwa also praised the bank’s leadership under Acting Managing Director, Ruth Zaipuna for its genuine patriotism on matters of national development.
He said the stewardship of the bank that has enabled it to brilliantly finance national development initiatives and actively fund sectoral productive activities has been very supportive of President Dr John Pombe Magufuli’s government agenda to diligently serve the country.
The unequivocal support, he explained, has been one of the factors why Tanzania has become a middle-income economy five years ahead of the year it was forecast to acquire the progressive economic status, which is a key developmental stage and point in eradicating abject poverty in the world.
The Premier said Ms Zaipuna’s unique leadership and excellent management of one of the country’s leading financial institutions, has made her one of the four Tanzanian executives whose support the government recognizes and regards highly.
Prime Minister Majaliwa made these remarks after being briefed on the bank’s operations and its contribution to national building as well as support to the government’s development agenda especially the industrialisation drive whose ultimate goal was to make Tanzania a middle-income country, which is now a mission accomplished.
Mid last week, the World Bank categorised Tanzania as a lower-middle income country following economic reforms undertaken by President Magufuli’s government, including making consistent plans and taking hard decisions aimed at improving the country’s economic development.
NMB Bank’s Chief of Wholesale Banking, Alfred Shao, gave figures in his briefing showing that in the last four years the lender development financing in the country amounted to about 4tri/-.
That equates to nearly 2.45 per cent of the 12.78tri/-earmarked for development expenditure in the government’s budget for fiscal year 2020/21.
Shao said the investments made by NMB Bank in national development since 2016, include loans to the private sector amounting to 2tri/-some of which has been extended to support the government’s industrialisation agenda.
During the period, Tanzania’s most profitable financier also loaned the agricultural sector and its value chain some 800m/-, which Prime Minister Majaliwa said was monumental due to farming’s role in the national economy and lives of most people.
Shao said crops that benefitted the most from this lending were cotton, cassava, pyrethrum, coffee and cashew nuts.
In its pavilion at Saba Saba, NMB Bank has a special section on its agri-business operation where apart from showcasing what it offers, its experts are readily available to enlighten and advise farmers and other visitors on aspects related to the docket.
“NMB Bank has also played a key role in financing the implementation of the government’s mega projects whereby so far over 1.2tri/-has been provided. The strategic projects supported by NMB Bank include those to do with power generation, water supply and the Standard Gauge Railway (SGR),” Shao noted.