- Banks reaffirms its commitment to supporting Tanzania’s energy sector.
NMB Bank has pledged to provide financial assistance to energy investors in Tanzania. This commitment was made to support the government’s effort to grow the energy sector.
The NMB Chief, Alfred Shao, noted at a conference in Dar es Salaam on Wednesday that the bank has several finance options to support potential investors in the energy sector, both upstream and downstream. Mr Shao said the bank is a certified investment advisor that also offers advisory services to clients and sometimes helps raise equity for potential companies.
“We understand that the energy sector is a capital-intensive sector. As a bank, we will be financing the energy sector because we have a strong balance sheet and our single borrower unit is now over 310bn/- to a single borrower,” he said.
He said the bank has also built good partnerships and collaborates with international financiers such as the Africa Development Bank (AfDB) and the International Finance Corporation (IFC), among others interested in green bonds.
On his part, the Deputy Minister for Trade and Investment, Mr Exaud Kigahe, said the government looked forward to harnessing untapped areas, especially in renewable energy. He reiterated the government’s commitment to continue working with the private sector.