Stanbic Bank Tanzania has announced its support for the third Tanzania Oil and Gas Congress that will take place in Dar es Salaam between the 2nd and 3rd October 2019 at the Julius Nyerere International Convention Center (JNICC).
“It’s an honor to participate and attend the congress as a panelist, Stanbic Bank is excited to be part of conversations that will further the oil and gas sector and the development of Tanzania’s economy”, said the bank’s Head of Oil and Gas, Mr. Elias Ngunangwa.
Stanbic Bank Tanzania has vast knowledge, expertise, and experience in advising and arranging capital for projects in the sector.
“We believe that financial institutions have an important role in facilitating investment in sectors such as oil and gas to promote industrialization and economic growth. We are committed to being a key player in supporting the government and stakeholders to utilize the resource effectively,” he added.
Tanzania is endowed with a proven 57 trillion cubic feet of natural gas reserves, which is the highest among the East African Community (EAC) partner states.
Once commercialized, the gas will have a significant impact on the economy of Tanzania through foreign revenue earned.
Mr.Ngunangwa elaborated that, the sector is a game-changer in the growth of Tanzania’s economy, particularly industrialization.
The conference aims to foster partnerships and share knowledge on the investment opportunities and explore strategies to boost industrialization in the region.
More than 300 Stakeholders are also expected to showcase upcoming oil and gas projects in Tanzania.
The conference will provide companies with partnership opportunities and financial advisory insights to help them advance in the sector.
Stanbic Bank Tanzania is part of the Standard Bank Group, Africa’s largest bank by assets. The group has been operating in Tanzania under the Stanbic Bank brand since 1995 focusing on all the key growth sectors in Tanzania, including agriculture, telecommunications, oil and gas, power and infrastructure and fast-moving consumer goods.
Its Corporate & Investment Banking (CIB) division serves a wide range of requirements for banking, finance, trading, investment, risk management, and advisory services.
Since 2018 Stanbic has raised over TZS 300 billion in financing for Tanzanian companies and institutions across the agricultural, consumer, industrial, natural resources and government sectors.
Its Personal and Business Banking unit (PBB) offers banking and other financial services to individuals and small-to-medium enterprises.
The bank received accolades at the Banker Africa awards for being Tanzania’s ‘Best SME Bank,’ further demonstrating Stanbic’s commitment to making progress real for businesses thus driving inclusive economic growth in Tanzania.
The bank is committed to working with the government and key stakeholders to improve the investment and resource mobilization climate in order to ensure that Tanzania realizes its socio-economic aspirations by 2025.
