NMB Bank allocates Sh100bn for loans to stakeholders in tourism
What you need to know:
- The funds are a deliberate move by the bank to take a key role in the recovery efforts of the sector that was devastated by the global Covid-19 pandemic
Zanzibar. NMB Bank Plc said at the weekend that it has allocated Sh100 billion for loaning players in the tourism value chain.
The funds are a deliberate move by the bank to take a key role in the recovery efforts of the sector that was devastated by the global Covid-19 pandemic, according to the bank’s head of business unit Alex Mgeni.
“We have set aside a total of Sh100 billion for lending. We have started with loans for fishing boats and passengers,” he told a tourism stakeholders’ conference here at the weekend.
NMB Bank’s chief internal auditor Benedicto Baragomwa said the bank would continue to support growth of the sector by offering financial services like foreign exchange and that plans were being finalised to take financial services to tourism hotspots including Nungwi and Paje in the Isles.
“We have installed Automated Teller Machines (ATMs) that are capable of exchanging foreign currency at key locations such as Abeid Amani Karume Airport and at customs points,” he said.
The minister for Tourism and Heritage in the Revolutionary Government of Zanzibar, Mr Simai Mohamed Said said the tourism industry in Zanzibar had a big value chain that needs support.
“Thank you very much NMB for allocating Sh100 billion for lending to tourism stakeholders. You are definitely showing the way and most of all you are close to the people,” he said.
The chairman of the Zanzibar Tourism Commission, Rahim Bhaloo said apart from the loans that will be availed to tourism stakeholders in Zanzibar, there is a need training of tourism stakeholders on how to tap and embrace the available opportunities.
