Tanzania Ports Authority to Receive Financial Support

In an effort to assist the Tanzania Ports Authority (TPA), the Tanzania National Bank of Commerce (NBC) has pledged to provide them with financial support to be applied towards the improvement of the overall operations of the Authority.

While speaking at a gathering that was hosted by the TPA earlier this month for the delegates of the international conference on port managements in Africa, Mr. Pius Tibarazwa, the NBC Treasury manager, explained that some of the support that the NBC will be providing to the TPA will include the provision of overdraft privileges, which is expected to help make the operations of the TPA’s daily activities more efficient.

Upon receiving the overdraft privilege, the TPA will then be permitted to withdraw money from their NBC bank accounts whether or not the amount withdrawn exceeds the available balance.

According to Mr. Tibarazwa, financial mechanisms are a crucial tool both in maintaining control over ports operations and in enhancing the overall development and improvement of the infrastructure of the port.

“Whatever affects the port, whether negatively or positively, affects us as well,” he said, “Our aim is to ensure that we continue to partner with TPA and maintain our great business relationship.”

According to Mr. Tibarazwa, any business firms that are responsible for dealing with various port matters as well as manufacturers, cooperating partners, regional and sub-regional and international companies are all critical entities to the shipping industry.

“All these groups are vital to this industry,” he said, “and are also potential NBC clients, whether as individuals or companies.”

The NBC currently operates 53 branches and six business centers across Tanzania as offers clients a wide variety of products and services that can serve both retail and corporate clients alike.

Among the products that are offered at the NBC are the basic savings and fixed deposit accounts in addition to the corporate and personal loans, internet banking and international trade services.

According to Mr. Tibarazwa, the NBC provides both foreign exchange products and yield enhancement products through its treasury unit.

In addition, Mr. Tibarazwa also made note of the fact that the bank played a key role in providing assistance to its clients during the recent global financial crisis.

“With the recent volatilities in both global and local exchange rates as well as interest rates, our treasury team can assist our clients in minimizing their risks through products such as FX Forwards/Swaps, FX Options and Interest Rate Swaps as well as Cross Currency Swaps,” said the Treasury manager.