NBC Bank finances Maruhubi ferry terminal to boost Zanzibar’s transport and tourism sectors
NBC Bank’s Director of Retail Banking, Elibariki Masuke (left), and Zanzibar Ferry Development Company Limited Managing Director, Jaffer Machano (right), exchange congratulatory gestures after signing a cooperation agreement to support the construction of the Maruhubi (Mpiga Duru) Passenger Ferry Terminal through a concessional loan, during the foundation stone–laying ceremony officiated by Zanzibar’s Second Vice President, Hemed Suleiman Abdullah (centre).
NBC Bank has also recently acted as Lead Arranger and Manager of a $200 million facility for the Revolutionary Government of Zanzibar to finance major social and economic development projects.
Unguja. The National Bank of Commerce (NBC) has reaffirmed its role in supporting Zanzibar’s economic development by financing the construction of the Maruhubi (Mpiga Duru) Passenger Ferry Terminal through a concessional loan, a project expected to strengthen tourism, trade and transportation in the Isles.
NBC, represented by the Director of Retail Banking, Elibariki Masuke, participated on Sunday in the foundation stone-laying ceremony for the terminal, officiated by the Second Vice President of Zanzibar, Hemed Suleiman Abdullah.
The Maruhubi Passenger Ferry Terminal is being developed under a Public Private Partnership between the Zanzibar Ports Corporation and Zanzibar Ferry Development Company Limited. The project seeks to decongest Malindi Port and improve passenger movement efficiency, with the terminal expected to handle about 8,000 passengers per day, or nearly three million annually.
Once completed, the facility will accommodate passenger ferries, fast ferries, Roll-on/Roll-off vessels and marine taxis. It will also feature a duty-free zone, retail outlets, a marina and a seaplane port, reinforcing Zanzibar’s position as a regional maritime and tourism hub.
The project, estimated to cost about $400 million, will be implemented in two phases over three years, with NBC Bank listed among the major financiers.
Speaking on the sidelines of the ceremony, Mr Masuke said NBC was proud to support a project aligned with Zanzibar’s development priorities, noting that the bank was the first to provide financial backing through bridge financing for Phase One A in February 2024.
He added that NBC will also support operations through digital revenue collection systems at Maruhubi and Malindi ports to enhance efficiency and transparency.
He said NBC’s engagement with Zanzibar Ferry Development Company followed the signing of a Memorandum of Understanding between the company and the Revolutionary Government of Zanzibar in 2023 to develop modern passenger and cargo terminals.
Mr Masuke reaffirmed the bank’s commitment to supporting both government and private sector initiatives, describing NBC as a long-term development partner in Zanzibar’s pursuit of sustainable economic growth.
On his part, Zanzibar Ferry Development Company Limited Managing Director, Jaffer Machano, commended NBC Bank for its financial support, saying it was critical to the successful implementation of the project. He said the bank’s early commitment had played a key role in advancing the development of the terminal.
NBC Bank has also recently acted as Lead Arranger and Manager of a $200 million facility for the Revolutionary Government of Zanzibar to finance major social and economic development projects.
Currently, the bank operates two branches in Zanzibar and more than 200 banking agents across the Isles as part of its efforts to expand access to financial services and promote inclusive economic development.
