Speaking during the signing ceremony held in Zanzibar yesterday, the NMB Chief Finance Officer Juma Kimori said the MOU aligns with the bank's strategy of creating a shared value for all its stakeholders including the Government and will be a catalyst to sustainable economic development in Zanzibar.
"As a bank, we believe that increased private sector participation in public services sectors is a cornerstone for economic development and job creation. We are pleased to work with Zanzibar Private Partnership, to find the best PPP solutions for Zanzibar today re-affirming our unwavering commitment to support sustainable development in Zanzibar," Kimori said.
He noted that NMB Bank will use its strong balance sheet to provide tender guarantee services to players seeking to take part in various strategic development projects in Zanzibar adding that the bank offers various tailor-made products to its customers.
"We are the biggest bank in terms of profitability and we have a strong balance sheet. Currently, we offer a single borrower limit of up to 420mn/- to any potential borrower who meets our terms," he stressed.
Kimori added that the bank has so far partnered with a number of agencies in Zanzibar including Zanzibar Investment Promotion Authority (ZIPA) and the Zanzibar eGovernment Agency (eGaz) and will continue working with various agencies to support attainment of Zanzibar's blue economy drive.
He noted that the bank will continue to provide an intermediary role of providing financial literacy services noting that over 10,000 people in Zanzibar engaged in seaweed farming, salt and have already benefited from its financial literacy drive.
Dr. Bill Kiwia, Zanzibar Commissioner for Public and Private Partnership (PPP) said that the event is not only historic but one of its kind since it will ensure provision of services right at grassroots level.
"This is a new era in the history of Zanzibar and we believe this partnership will bring meaningful development right at the grassroots level," he stressed.
Mudrick Ramadhan Soraga, Minister of State President's Office Ministry of Labour, Economy and Investment, Zanzibar during the event commended the bank for its continued support to sustainable development in Zanzibar.
"As government, we believe PPP, is the best model to accelerate economic development in Zanzibar and the Zanzibar President Dr. Hassan Ali Mwinyi has been tooting for this kind of model for long. We are glad that NMB Bank has finally come on board and we are glad to walk this new journey together today," he added.
He noted that the Isles government will continue to work closely with the private sector to support sustainable development projects right at grassroots level noting that the government is in the process of identifying mid-sized projects where it can partner with the private sector.
"Such projects should however seek to find lasting solutions to challenges facing people right at grassroots level," he stressed.
PPPs have become an important tool that can help governments worldwide facing fiscal challenges to draw on the strengths of the private sector to drive economic growth.
ENDS
Caps:
Zanzibar Minister of State President's Office Ministry of Labour, Economy and Investment, Mudrick Ramadhan Soraga (C) witnessing NMB Chief of Finance Juma Kimori and Zanzibar Commissioner for Public and Private Partnership Dr. Bill Kiwia exchanging signed MoU to accelerate public-private partnerships (PPPs) project financing in Zanzibar. Photo: Guardian Correspondent
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