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Government to Allocate TZS100b to Tanzania Investment Bank Group in 2016–2017

June 13, 2016
1 minute read
tanzania investment bank tib 2016 2017

The Tanzanian Government will increase the capital of the Tanzania Investment Bank (TIB) Group by TZS100b to help implementing development projects, the recently published 2016–2017 National Development Plan indicates.

The implementation of these projects includes granting loans mainly to industries which increase local value addition.

These include mining and infrastructure, including gas distribution for industrial use and electricity production.

The Government of Tanzania has committed to strengthening the TIB Group in order to accelerate industrialization, President Magufuli said during the Manufacturer of the Year Awards (PMAYA) on 31st May 2016.

TIB Group’s objective is to provide medium and long-term loans to investors in agriculture, manufacturing, trade, transportation, tourism, and mining.

TIB Development Bank, formerly known as Tanzania Investment Bank (TIB), is a government-owned development bank in Tanzania.

Following the restructuring of TIB, 3 distinct, but related institutions were formed: TIB Development Bank, TIB Corporate Finance, and TIB Rasilimali. The 3 institutions together form the TIB Group.

 

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