Dr Mwinyi blesses the construction of 23 modern schools in Zanzibar
ZANZIBAR: ZANZIBAR President, Dr. Hussein Ali Mwinyi, has witnessed the signing of a 240bn/- loan agreement between Zanzibar and CRDB Bank to facilitate the construction of 23 multi-storey schools in high-demand areas across Unguja and Pemba.
The signing ceremony took place today at the Zanzibar State House, with CRDB Bank represented by its Chief Executive Officer, Abdulmajid Nsekela, and the Revolutionary Government of Zanzibar represented by the Permanent Secretary in the Ministry of State, President’s Office, Finance and Planning, Dr. Juma Malik Akil.
Speaking after the signing, President Mwinyi described the agreement as historic, marking the first time since the 1964 Revolution that Zanzibar has secured a significant foreign loan without a guarantee from the Government of the United Republic of Tanzania, made possible through the support of local banks.
The loan was facilitated through a partnership between CRDB Bank and a Dutch bank, with a guarantee provided by CESCE insurance from Spain. The funds will also be used to procure modern equipment for laboratories, libraries, computers, and furniture for the schools.
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President Mwinyi noted that previously, the government had only two options for obtaining loans — through guarantees from the Union Government or by relying on domestic budgets, both of which often led to delays in implementing development projects.
With this new financing model, Zanzibar will be able to execute numerous strategic projects over the next five years. These include the construction of the Mangapwani Integrated Port, Pemba Airport, key roads such as Chake Chake–Mkoani and Kisauni–Fumba, a modern football stadium for the AFCON 2027 tournament, regional hospitals, and a Center of Excellence for medical services.
President Mwinyi affirmed that the Revolutionary Government of Zanzibar will continue collaborating with financial institutions to ensure the timely and effective implementation of development projects for the benefit of the residents.
