NMB pledges financial support to energy sector investors in Tanzania

Speaking at a panel discussion titled “The Importance of Access to Finance and Fair Regulatory Regime” at the Tanzanian Energy Congress held in Dar es Salaam yesterday, Alfred Shao, Chief from NMB Wholesale Bank, said the bank has a number of funding options to support the potential. investors in the energy sector both upstream and downstream.

Shao said the bank, as a certified investment adviser, also offers advisory services to clients and helps raise capital for potential businesses.

“We understand that the energy sector is a capital-intensive sector. As a bank, we will finance the energy sector because we have a strong balance sheet and our single borrower unit is now over 300 million/- for a single person,” he said.

He said the bank has also forged good partnerships and works with international lenders such as the African Development Bank (AfDB) and the International Finance Corporation (IFC), among others, who are interested in green bonds.

“We successfully issued the NMB Jasiri bond which was oversubscribed and we look forward to issuing a green bond targeting the renewable energy sector,” he said.

For his part, the Deputy Minister of Trade and Investment, Exaud Kigahe, said the government was eager to exploit untapped areas, especially in renewable energy, and reiterated the government’s commitment to continue to work with the private sector.

He said the government has already embarked on a roadmap to increase the ease of doing business in Tanzania, reiterating the government’s commitment to reducing unnecessary bureaucracy within its institutions.

“Currently, our ranking in the aspect of doing business is not good. We have made major progress in creating a conducive business environment as part of our efforts to attract more investors to the country and improve the competitiveness of the country”, he underlined.

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