NMB, Government partner to manage municipal loans

NMB Bank has signed an agreement with government to manage loans for six councils, aimed at helping women, youth and people with disabilities access financial support.

After witnessing the signing ceremony, Minister of State for Regional Administration and Local Government, Mr Mohammed Mchengerwa, praised NMB for its commitment to this initiative and its collaboration with the government to drive economic transformation, particularly for women, youth and people with disabilities.

“These contracts are crucial as they contribute to sustainable development in our communities. Women, youth and people with disabilities are key groups and these loans offer vital support. The government fully endorses these efforts to strengthen our citizens’ economy,” he said.

NMB will manage loans for six of the ten councils that signed agreements with other lending institutions. These loans are sourced from 10 per cent of local authority revenues.

The councils are the Dar es Salaam City Council, Dodoma City Council, Songea Municipal Council, Newala Town Council, Itilima District Council and Bumbuli District Council.

The agreements were signed by the Executive Directors of the Councils that will receive these loans at the office of the Minister of State in the President’s Office for Regional Administration and Local Government (TAMISEMI).

NMB’s Treasurer, Azizi Chacha, said that the bank is committed to ensuring smooth and timely access to these loans for all local authorities, driving economic transformation in the regions.

“We believe these loans will help beneficiaries achieve their economic and social goals, driving change within their communities and our nation,” he said. Dodoma Regional Commissioner, Mr Rosemary Senyamule urged businesspeople, especially women, youth and people with disabilities, to seize this opportunity, emphasising its value due to government backing.

“It’s time to showcase our potential and contribute to our country’s development. Let’s embrace these loans and use them effectively to benefit our national economy,” said Ms Senyamule, whose Dodoma City Council is among the beneficiaries.