The agreement, signed in Dar es Salaam at the weekend, will see TCB providing a range of financial services, including working capital, to both local and foreign investors operating in Tanzania
Dar es Salaam. The Tanzania Investment and Special Economic Zones Authority (Tiseza) and Tanzania Commercial Bank (TCB) have signed a Memorandum of Understanding (MoU) to strengthen investment facilitation and promotion across the country.
The agreement, signed in Dar es Salaam at the weekend, will see TCB providing a range of financial services, including working capital, to both local and foreign investors operating in Tanzania.
Tiseza director general Gilead Teri said the collaboration cements the agency’s role as a one-stop centre for investment facilitation.
“This partnership allows investors to register their projects and access financial services seamlessly under one roof,” he said, expressing confidence in TCB’s ability to deliver, given its nationwide network of over 80 branches – the third largest in the country.
He added that the agreement would also benefit Tanzanians in the diaspora seeking to invest back home, with TCB facilitating capital inflows while Tiseza continues to promote priority sectors such as manufacturing and agriculture.
Domestic investors stand to gain from a range of government incentives, including free land for industrial development, exemptions on capital goods of up to 100 percent, and import duty relief of up to 75 percent.
The MoU also provides for capacity building through knowledge exchange and technical cooperation between the two institutions.
TCB chief executive officer and managing director Adam Mihayo said the partnership supports President Samia Suluhu Hassan’s call for state-owned enterprises to collaborate in driving productivity and increasing non-tax revenue.
“Our bank operates 82 branches and we plan to open 10 more annually,” he said. “We already have over 7,000 agents across the country and aim to recruit 3,000 additional agents this year.”
He noted that TCB’s five-year strategic plan prioritises financing for productive sectors such as manufacturing and agriculture, which are key to driving Tanzania’s economic transformation.
