Africa-Press – Tanzania. TIB Development Bank has injected over 630.3bn/- in various medium and longterm development projects across the country, marking a major milestone of the bank’s performance since President Samia Suluhu Hassan assumed presidency four years ago.
According to the bank’s report, at least 408.3bn/- came from the bank’s balance sheet, while the remaining 222bn/- has been sourced from nine funds managed by the bank.
The investments, spanning 5 to 15 years, focus on key sectors aligned with government priorities and Sustainable Development Goals (SDGs).
The bank’s Director General, Ms Lilian Mbassy, revealed this in Dodoma, yesterday while briefing journalists on TIB’s achievements over the past four years emphasising the bank’s critical role in fostering economic growth and national development.
“As a policy-driven bank, we take pride in aligning our investments with government objectives by injecting over 630.3bn/- into development projects, significantly contributing to economic growth and job creation,” the bank’s chief noted.
She noted that TIB’s investments have directly created 12,547 jobs, with a strong focus on sectors such as food security, education, clean water, energy, tourism, industrialisation and transport.
Ms Mbassy said the impact of TIB’s investments under the six-phase government touches on six SDG areas, which include zero hunger, quality education, clean water and sanitation, affordable and clean energy, decent work and economic growth and sustainable cities and communities.
A total of 162.7bn/- was directed towards food security initiatives to combat hunger while 4.3bn/- was channeled into improving education through institutional projects.
Also 22.4bn/- was set aside for enhancing access to clean water and sanitation through water authority projects.
Other major investments over the past four years, according to the director, include directing 11.5bn/- into clean and affordable energy under the Tanzania Rural Electrification Expansion Programme (TREEP) that has helped Tanzania achieve one of the fastest expansion rates in SubSaharan Africa over the past decade.
Under the TREEP initiative, TIB has partnered with the World Bank through the Rural Energy Agency (REA) to provide loans to renewable energy producers serving offgrid rural areas.
Moreover, Ms Mbassy noted that TIB is collaborating with the United Nations Industrial Development Organisation (UNIDO) to promote ethanol as a clean and affordable cooking energy source under the Waste to Energy project.
“President Samia has been at the forefront in advocating for clean cooking energy and as TIB, we are fully engaged in this initiative,” she said.
The bank has also injected 250.7bn/- to accelerate economic growth and job creation, particularly in the tourism, industrialisation and transport sectors.
In the tourism sector, TIB has invested 100bn/- in Tanzania Mainland, with a focus on Arusha and Kilimanjaro regions, as well as Zanzibar.
“Our investment in the tourism value chain has enabled over 206 people to secure permanent jobs,” Ms Mbassy noted.
Furthermore, TIB has allocated 24.7bn/- for urban and housing development, financing three major projects in collaboration with the National Housing Corporation (NHC).
“This investment has facilitated the construction of 440 housing units and created over 400 jobs during project implementation,” she added.
In the mining sector, TIB has invested 104bn/-, with Mara Region being the main beneficiary, generating over 1,200 employment opportunities for local communities.
On education, the bank has allocated 4bn/-, benefiting over 4,200 students through various infrastructure projects.
Looking ahead, Ms Mbassy reaffirmed TIB’s commitment to supporting national priorities and the Sixth Phase Government’s development agenda.
“In 2025, the bank will continue expanding its capital base by collaborating with international financial institutions to secure affordable loans for large-scale development projects with positive socio-economic impacts,” she said.
She further noted that TIB will continue investing in water authorities, housing projects, education, tourism, healthcare, and dry port expansion, reinforcing its commitment to Tanzania’s sustainable development.
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