BOA pledges contractor’s access to loans, guarantees

Bank of Africa Tanzania (BoA) has assured contractors access to loans and bank guarantees, which will facilitate them with criteria to obtain various contracts and finally implement their projects well.

BoA Tanzania, Trade Finance Manager Ms Jessica Mizambwa said during the Annual General Meeting of the Contractors Registrant board that held in over the weekend.

“The bank offers tailor-made products that provide end-to-end solutions in financing various contractors’ projects,” she said.

Some of the products offered are like bid guarantees that provides a guarantee of up to 1.0bn/- within 24 hours, advance payment guarantees, performance guarantees, invoice discounting, loans and are delivered at a timely manner.

“Therefore, we are able to support contractors, importers, and exporters to be able to mitigate risks associated with trading within across borders,” she said.

Ms Mizambwa said through the bank’s asset finance contractors, especially small ones, can find the best machines to work with and thus fulfil their duties.

“Bank of Africa Tanzania will enable contractors to get machinery and eliminate the problem of contractors’ failure to deliver due to lack of machinery or funding,” said Ms Mizambwa.

During the event, Deputy Minister for Works and Transport, Eng Godfrey Kasekenya has called on all indigenous contractors in the country to be good ambassadors by doing good work based on standards and completing projects on time so that the government gets value for money in all projects.

Mr Kasekenya has explained that contractors have a great contribution in raising the economy of the country and in the event that contractors fail to fulfil their obligations, they delay the citizens from getting the services that were intended and also cause losses to the government.

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