Tanzania’s energy sector to receive financial boostTanzania’s energy sector to receive financial boost

NMB Bank Plc has pledged to continue supporting investors in the energy sector in Tanzania.

The bank re-affirmed its commitment to continue financing investors in Tanzania’s energy sector value chain as part of its commitment to complement government’s efforts and support the sector’s growth.

NMB Chief of Wholesaler Banking, Alfred Shao, said the bank has several finance options to support potential investors in the energy sector, both upstream and downstream.

Shao said the bank is a certified investment advisor that also offers advisory services to clients and sometimes helps raise equity for potential companies.

“We understand that the energy sector is a capital-intensive sector. As a bank, we will be financing the energy sector because we have a strong balance sheet and our single borrower unit is now over 310bn/- to a single borrower,” he said.

He said the bank has also built good partnerships and collaborates with international financiers such as the Africa 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 are looking forward to issuing a green bond targeting the renewable energy sector,” he said.

On his part, the Deputy Minister for Trade and Investment, Exaud Kigahe said the government looks forward to harnessing untapped areas, especially in renewable energy and reiterated government’s commitment to continue working 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 reduce unnecessary bureaucracy amongst its institutions.

“Currently, our ranking in the aspect of doing business is not good. We have taken major strides to create a conducive business environment as part of our efforts to attract more investors in the country and improve the country’s competitiveness,” he stressed.

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