NMB Bank said at the weekend that it will foster its support for the government\u2019s priority projects as it endeavours to play an increasing role in Tanzania\u2019s development efforts.<\/p>\n
The NMB Bank Acting Managing Director Ms Ruth Zaipuna made the remarks when the bank\u2019s management team and board Chairman, Prof Joseph Semboja appeared before the Parliament\u2019s Public Investment Committee (PIC).<\/p>\n
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.<\/p>\n
\u201cWe provided 140bn\/- guarantee for the SGR project and we will continue to support strategic projects,\u201d 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.<\/p>\n
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\u2019s Bus Rapid Transit, contractors building roads under the Tanzania Rural and Urban Roads Agency, the Medical Stores Department and Tanzania Ports Authority.<\/p>\n
The PIC chairman, Mr Raphael Chegeni commended the bank for supporting the government\u2019s strategic projects. \u201cAs Parliament, we are happy that you are investing in the government\u2019s strategic projects and we remain confident that the bank\u2019s management will do more,\u201d said Mr Chegeni.<\/p>\n
On the bank\u2019s stability, Ms Zaipuna said NMB Bank was stable, exuding confidence that 2019 financial figures will show a better picture than those of 2018.<\/p>\n
\u201cBeing 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,\u201d she said.<\/p>\n
NMB Bank registered 156bn\/-, 150bn\/-, 154bn\/-, 93bn\/- and 98bn\/- in net profits in 2014, 2015, 2016, 2017 and 2018 calendar years, respectively.<\/p>\n","protected":false},"excerpt":{"rendered":"
NMB Bank said at the weekend that it will foster its support for the government\u2019s priority projects as it endeavours to play an increasing role in Tanzania\u2019s development efforts. The NMB Bank Acting Managing Director Ms Ruth Zaipuna made the remarks when the bank\u2019s management team and board Chairman, Prof Joseph Semboja appeared before the […]<\/p>\n","protected":false},"author":84,"featured_media":2309,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[438,1248,1451],"class_list":["post-2308","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-nmb-bank","tag-pic","tag-ruth-zaipuna"],"yoast_head":"\n