Exim Bank pledges to support more development projects in Tanzania

President Jakaya Kikwete (left) arrives to inaugurate the 20 storey construction building of the Tanzania Federation of Cooperatives (TFC) along Lumumba street in Dar es Salaam on Tuesday that has partly been funded by Exim bank to the tune of 12bn/-. Third from the right is the Exim Bank Public Relations and Marketing Manager Linda Chiza

President Jakaya Kikwete officiating at the inauguration of the 20 storey construction building of the Tanzania Federation of Cooperatives (TFC) along Lumumba street in Dar es Salaam on Tuesday, a project that has partly been funded by Exim bank to thetune of 12bn/-.

President Jakaya Kikwete (third left) poses for a group photo with financiers of the Tanzania Federation of Cooperatives (TFC) building construction project that will cost 25bn/- upon completion.Fourth on the left is the Exim Bank Public Relations and Marketing Manager Linda Chiza.in the back ground is the artistic impression of the project that will be completed in 2013. Photo by our photohrapher.

By Staff Reporter

EXIM Bank Tanzania has pledged to support more development projects within the country in a bid to complement Government’s efforts to economic prosperity.

The remark was made by the Exim Bank Public Relations and Marketing Manager Linda Chiza shortly after the inauguration of the 20 storey construction building of the Tanzania Federation of Cooperatives (TFC) in Dar es Salaam on Tuesday, a project that has partly been funded by Exim bank to the tune of 12bn/-.

Chiza said her bank had earlier this year signed an agreement with TFC that will among other things see the renovation of the existing 12-storey Ushirika House next to the new building under construction.

She said Exim Bank would be willing to fund other development projects when approached upon fulfilement of the necessary requirements.

“We are greatful to be apart of the development process. Our loan to TCF will bring a lot of meaning not only to the city of Dar es Salaam but the country as a whole.

“We will continue to support various development projects as well as communities where we operate through our Corporate Social Responsibility Program,” she said.

The TFC Chairman Hassan Wakasuvi during the event said his institution has secured 25bn/- for the entire project that will be completed in two years time adding that the Unit Trust of Tanzania (UTT) and other financiers also contributed upto 13bn/-.

He however said the loan would be payable in five years under the supervision of UTT before TFC fully owns it.

Wakasuvi who expressed gratitude to the financiers was however optimistic that the project apart from being a big revenue earner to the institution would create more jobs during and after its completion.

“This project will help generate revenue to support the institution after its completion. We are greatful for the financiers for the trust they have bestowed in us and we will be looking forward to settling the loan through revenue that will be collected after the completion of the project.

“It is my hope that the project will help find solution to the problem of parking space within the city since it will have two floors strictly for parking that can accommodate up to 200 vechicles,he said.