NMB, Zanzibar ink deal on PPP financing

Zanzibar. NMB Bank and the Zanzibar Commission for Public Private Partnership have signed a deal to cooperate in accelerating public-private partnerships (PPPs) project financing.

The Zanzibar Private Partnership is under the President’s Office (Labour, Economy and Investment).

The deal, according to NMB Bank’s Chief Finance Officer, Juma Kimori, seeks to increase the participation of the private sector in economic development and job creation. 

“This re-affirms our unwavering commitment to support sustainable development in Zanzibar,” Kimori said. 

Under the MoU, NMB Bank will provide tender guarantee services to players seeking to take part in various strategic development projects in Zanzibar. 

“Currently, we offer a single borrower limit of up to Sh420 billion to any potential borrower who meets our terms,” he stressed. 

So far, apart from the Zanzibar Private Partnership, NMB has partnered with a number of agencies in Zanzibar including Zanzibar Investment Promotion Authority (ZIPA) and the Zanzibar eGovernment Agency (eGaz). 

In the execution of its intermediary role of providing financial literacy services, NMB Bank has benefited over 10,000 people engaged in seaweed farming and salt production in the isles. 

The Zanzibar Commissioner for Public and Private Partnership, Dr Bill Kiwia, said the MoU seeks to ensure provision of services right at grassroots level. 

The Minister of State in the Zanzibar President’s Office (Labour, Economy and Investment), Mr Mudrick Ramadhan Soraga, said the government believes PPP was the best model to accelerate economic development in Zanzibar and that President Hassan Mwinyi has been tooting the kind of model for a long time.  

He noted that the Isles Government will continue to work closely with the private sector to support sustainable development projects right at grassroots level.