NMB Bank said at the weekend that it will foster its support for the government’s priority projects as it endeavours to play an increasing role in Tanzania’s development efforts.
The NMB Bank Acting Managing Director Ms Ruth Zaipuna made the remarks when the bank’s management team and board Chairman, Prof Joseph Semboja appeared before the Parliament’s Public Investment Committee (PIC).
In her presentation to the committee, Ms Zaipuna said so far, the bank has been active in supporting projects like the ongoing construction of the Standard Gauge Railway (SGR), the Kinyerezi Gaspowered electricity generation and some projects under the Rural Energy Agency (REA) among others.
“We provided 140bn/- guarantee for the SGR project and we will continue to support strategic projects,” she said. NMB, she said, has also provided letter of credit transaction facilitation for the 550bn/- Tabora, Igunga and Nzega Water Pipeline and another letter of credit transaction facilitation for the 35bn/- rehabilitation of water treatment plant for the Dar es Salaam Water and Sewerage Authority.
Some of the strategic public entities that have benefitted in various financing models, worth billions of shillings, from NMB Bank are namely the Dar es Salaam’s Bus Rapid Transit, contractors building roads under the Tanzania Rural and Urban Roads Agency, the Medical Stores Department and Tanzania Ports Authority.
The PIC chairman, Mr Raphael Chegeni commended the bank for supporting the government’s strategic projects. “As Parliament, we are happy that you are investing in the government’s strategic projects and we remain confident that the bank’s management will do more,” said Mr Chegeni.
On the bank’s stability, Ms Zaipuna said NMB Bank was stable, exuding confidence that 2019 financial figures will show a better picture than those of 2018.
“Being an entity that is trading on the stock market, we are currently on the closed period so we cannot reveal the numbers until the end of this month but we remain confident that they will be better than those of 2018,” she said.
NMB Bank registered 156bn/-, 150bn/-, 154bn/-, 93bn/- and 98bn/- in net profits in 2014, 2015, 2016, 2017 and 2018 calendar years, respectively.
