TCB Bank commits to support Zanzibar’s blue economy agenda

TCB Bank commits to support Zanzibar’s blue economy agenda
TCB Bank commits to support Zanzibar’s blue economy agenda

Africa-Press – Tanzania. ZANZIBAR: TANZANIA Commercial Bank (TCB) has vowed to continue providing banking services in Zanzibar to support the Government’s strategy of speeding up development through the blue economy.

The Bank’s CEO Mr Adam Charles Mihayo said at the sidelines of the Annual General Meeting (AGM) of the Zanzibar National Chamber of Commerce (ZNCC) held at the Golden Tulip Hotel.

He said TCB Bank is fully implementing the instructions given by the Zanzibar President Dr Hussein Mwinyi when the CEO paid a courtesy call to the Mnazi Mmoja-based State House recently to introduce himself following his appointment.

He informed Journalists before the ZNCC meeting that, among the strategies they discussed and agreed to implement include financing tourism-related projects- large, medium, and small businesses.

“Zanzibar is a potential area due to a special strategy to ensure the blue economy policy and businesses flourish,” said Mr Mihayo.

Last year, the lender had a capital of 120bn/-, loans worth a tune of 916bn/- were issued, while the bank‘s total assets reached 1.4tr/-, indicating the strength of the financial institution.

“The Loan repayment has reached 184bn/-…this is a good record, this trend of repayment indicates good business attributed to satisfactory services to customers,” he added.

TCB Bank has invested 20bn/- in Unguja and Pemba islands and they are now in a fiveyear strategy to push the wheel of development for the people of Zanzibar.

In addition to direct services to people through ‘Corporate Social Responsibility (CSR), Mr Mihayo said TCB has been supporting the construction of various infrastructures, including health centers and access to equipment that facilitates the implementation of development projects.

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