Dr Mwinyi now invites local banks to support development projects
Absa Bank Tanzania Managing Director, Mr Obedi Laiser (left), presents a token of appreciation to Zanzibar President and Chairman of the Revolutionary Council, Dr Hussein Ali Mwinyi, during a courtesy visit by the bank’s delegation to State House in Zanzibar yesterday. The visit highlighted collaboration between the government and the financial sector in supporting Zanzibar development. PHOTO | ZANZIBAR STATE HOUSE
Zanzibar. Zanzibar President Hussein Ali Mwinyi has called for stronger collaboration between local financial institutions and the Revolutionary Government of Zanzibar in financing and implementing development projects.
President Mwinyi made the remarks yesterday during a meeting with a delegation from Absa Bank Tanzania led by its managing director, Mr Obeid Laiser, during a courtesy visit to State House in Zanzibar.
He said the Government was prepared to work with financial institutions willing to support strategic economic and social projects across different sectors.
President Mwinyi noted that the Government had strengthened mechanisms for financing development projects by expanding funding sources beyond traditional budget allocations, a move intended to accelerate implementation and improve efficiency.
He also assured financial institutions of continued collaboration in facilitating major projects through loans and other financing arrangements.
The President commended Absa Bank Tanzania for its willingness to work with the Government in supporting development initiatives in Zanzibar.
Speaking after the meeting, Mr Laiser said Absa remained committed to supporting development projects and expanding access to financial services in Zanzibar.
He said the bank currently serves more than 11,000 customers in Zanzibar, manages deposits exceeding Sh136 billion and has extended more than Sh64 billion in financing to individuals, small and medium-sized enterprises, and corporate institutions.
According to Mr Laiser, the financing supports sectors including tourism, hospitality, trade and commerce.
Mr Laiser also highlighted the bank’s contribution through social initiatives, including support for maternal and child health under the Uzazi ni Maisha programme, implemented in partnership with AMREF Health Africa and Zanzibar’s Ministry of Health.
He said the initiative had helped improve access to medical equipment and strengthen maternal healthcare services across Zanzibar.
