As the Bank of Tanzania (BoT) continues to compel banks in the country to boost their credit to the real sector of the economy, NMB Bank Plc said its lending to public and private sector has increased to Tsh4 trillion in four years.
This makes NMB one of the largest players in the country’s economic development.
Alfred Shao, the NMB Bank’s chief of Wholesale Banking said the Tsh4 trillion is nearly 2.45 per cent of the Tsh12.78 trillion earmarked for development expenditure in the government’s budget for financial year 2020/21.
He told Prime Minister Kassim Majaliwa at the 44th Dar es Salaam International Trade Fair (DITF) that the loan includes Tsh2 trillion which has been issued to the private sector, and part of which has been extended to the government’s industrialisation drive.
Shao told Premier Majaliwa that the Tsh4 trillion also includes Tsh800 million loan provided to the agricultural sector and its value chain.
“Crops that benefitted the most from this lending were cotton, cassava, pyrethrum, coffee and cashew nuts,” he said.
He pointed out that Tsh1.2 trillion of the Tsh4 trillion has been injected in to finance the execution of the government’s mega projects.
According to him, the strategic projects supported by NMB Bank include those to do with power generation, water supply and the Standard Gauge Railway (SGR).
In his remarks, Majaliwa commended the NMB’s acting Managing Director, Ruth Zaipuna for their patriotism in terms of financing the national development initiatives.
He said Zaipuna’s unique leadership and excellent management have made her one of four executives whose support is recognised by the government and regards highly.
“It is for all these reasons your managing director is one of the six public and corporate entity leaders whose work and support the government recognizes and appreciates in its endeavour to serve Tanzanians and bring real development to the country,” Majaliwa told NMB Bank workers at the 44th edition of DITF, which is popularly known as Saba Saba.
He asked NMB staff to tell her that the government know and see a great job she is doing, adding that her good performance clearly shows that indigenous Tanzanians can also be good corporate leaders.
He noted that NMB was indeed a true Tanzanian bank due to its worthy service to the nation, including the remotest parts of the country where majority people live.
He said her 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.
Financing by financial institutions such as NMB, coupled with efforts by the government and other stakeholders have played a pivot role in uplifting the status of the country from a Least Developed Country into a Lower Middle Income Country (LMIC).
At 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.