BoA assures contractors to loans, guarantees access

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BoA assures contractors to loans, guarantees access
BoA assures contractors to loans, guarantees access

Africa-Press – Tanzania. Jessica Mizambwa, BoA manager for trade finance made the commitment during the Annual General Meeting of the Contractors Registrant board that was organized in Dar es Salaam from May 25th-26th, this year.

“The bank offers tailor-made products that provide end-to-end solutions in financing various contractors projects, such products offered by our bank include; Bid Guarantees that provides a guarantee of up to 1bn/-within 24 hours, Advance Payment Guarantees, Performance Guarantees, invoice discounting, loans and so much more all delivered at a timely manner,” said Jessica.

She added: “Trade finance solutions are geared towards promoting economic growth and development of our country by facilitating the movement of goods across borders and even domestically. Therefore, we are able to support contractors, importers, and exporters to be able to mitigate risks associated with trading within across borders.”

Jessica added that, through the bank’s Asset finance contractors, especially small ones, can find the best machines to work with and thus fulfill their duties.

“Bank of Africa Tanzania Limited will enable contractors to get machinery and eliminate the problem of contractors’ failure to deliver due to lack of machinery or funding,” said Jessica.

Deputy Minister of works and transport Eng. Godfrey Kasekenya called on all indigenous contractors in the country to be good ambassadors by doing good work based on standards and completing projects on time so that the Government gets value for money in all projects.

Kasekenya has explained that Contractors have a great contribution in raising the economy of our country and in the event that Contractors fail to fulfill their obligations, they delay the citizens from getting the services that were intended and also cause losses to the Government.

BoA is a private commercial bank operating in Tanzania serving Corporate, SME and Retail customers. It began operations in Tanzania in June 2007 after acquiring Eurafrican Bank which had been operating in Tanzania since September 1995.

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