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Equity Bank, Zanzibar government seek to jointly grow the blue economy
What you need to know:
- Equity Bank Tanzania convened an investment forum in Zanzibar, which attracted participants from over 20 countries
Unguja. The Zanzibar government has expressed readiness to collaborate with Equity Bank Tanzania and local and international investors to promote economic growth through the blue economy.
This was announced during an investment forum hosted by Equity Bank Tanzania, which attracted participants from over 20 countries.
Zanzibar’s Minister of Trade and Industrial Development, Omary Said Shaban, said the government was committed to improving the business environment.
“We are ready to resolve legal, operational and infrastructural issues to enable efficient investor operations,” he said, commending Equity Bank for linking Zanzibar with global investment networks.
Deputy Permanent Secretary in the President’s Office (Labour, Economy and Investment), Rashid Ali Salim, said the forum was a platform to promote Zanzibar’s economic policies, particularly the blue economy, which includes marine tourism, fisheries, maritime transport, and port infrastructure.
He urged Equity Bank to explore Shariah-compliant financial products to widen access to financing.
Equity Bank Tanzania’s director of Commercial Banking, Prosper Nambaya, said the bank would continue to support businesses by facilitating B2B meetings, providing capital and technical guidance, and focusing on sectors such as agriculture, manufacturing, logistics, and infrastructure.
“Through our Equity Group Foundation, we are supporting women, youth, and small enterprises. The blue economy offers vast opportunities, and we aim to ensure these reach the right beneficiaries,” he said.
Equity Bank’s capital base stands at approximately $2 billion, with a balance sheet of over $14 billion.
The bank said it is positioned to finance projects of up to $5 million each.
Forum participant Kavsel Kocadag said Zanzibar holds significant potential for both African and global investors.
Rahim Khaji Hamza of Zanzibar Insurance Corporation added that the event offered a chance to demonstrate how insurance can safeguard investments.
The forum underscored a shared public-private commitment to position Zanzibar as a sustainable investment destination through marine resource development.
