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TIB to support value adding industries

Tanzania Investment Bank (TIB) Managing Director Peter Noni (second left) gets a brief from an official from Best Animal Feed (BAF) Limited, Tumsifu Stephen (right) on how his company has used the loan received from TIB to improve on their products. Looking on are TIB’s Head of Strategic Planning and Corporate Affairs Jaffer Machano (left) and one of the BAF Limited officials (second right). TIB participated in the 36th Dar es Salaam International Trade Fair, where it was exhibiting its services to the public. 
By Staff Reporter
TANZANIA Investment Bank (TIB) has pledged to finance various industries within the country that will help in creating value-addition for locally produced goods.
Speaking during the ongoing 36th Dar es Salaam International Trade Fair (DIFF) at the Saba saba grounds, the TIB Managing Director Peter Noni said his bank will apart from the financial support offer technical support to local producers who will show interest in the initiative.
“We want to ensure that the country realizes its vision of becoming an industrial country by 2025 by supporting nationals to start their own industries. What is required of them is to be bold enough to come up with workable proposals and we will support them.
We also invite those who have funds but lack knowledge to put together a workable industrial plan, to come to us and we will support them,” he said.
He said local producers would get more profits by embarking on value-added products rather than exporting semi-finished goods to the international markets.
Noni called upon said Tanzanians not to be shy to invest in industries but instead embrace the opportunity given by TIB to offer both financial and technical help to those who will venture in industrial business.
‘The country is still faced with a challenge of not having best skills in how to run some big industries, but we as TIB we are asking Tanzanians not to shy away.
“A few local industries we have supported are now doing very well because as at the moment. We have the funds to offer to other potential industrialists at competitive rates,” Noni added.
Noni said TIB also seeks to partner with various organizations owning large pieces of land to build areas where small and medium entrepreneurs (SMEs) can construct their industries by only renting a space where they erect their machines.
“We are in talks with Municipalities in Dar es Salaam, and we have so far for agreed with the Ilala Municipal on how we will support on reconstruction of Kisutu market in a way that it will accommodate more small industries.
“We have also talked to DDC where TIB will support the construction of DDC Magomeni. TIB has also agreed with Small Industries Development Organization (SIDO) on the proposed construction of an industrial park,” he said.
The TIB Managing Director said that with these structures in place, people with small industries will be able to put their machines at a relatively low cost thus reducing the number of challenges faced by such small investors in trying to set up their industries.
 

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