Dr Mwinyi hails NMB for supporting Z’bar economy

ZANZIBAR: ZANZIBAR President Dr Hussein Ali Mwinyi has commended NMB Bank for supporting Zanzibar’s sustainable development agenda with the ultimate goal of improving people’s living standards.

Speaking shortly after taking part in a demonstration walk held at Zanzibar Mjini organised on the sidelines of the 60th anniversary of the Zanzibar Revolution, Dr Mwinyi noted that NMB support has been integral in driving up economic growth and fostering sustainable development in the Isles.

“NMB Bank has been working closely with our government in supporting the development of various sectors in Zanzibar.

We are so grateful for the bank’s continued support and I would like to take this opportunity to call upon other players to support our development agenda,” Dr Mwinyi stressed.

Earlier, the Zanzibar Minister for Information, Youth, Culture and Sports, Ms Tabia Maulid Mwita shared the same sentiments adding that the bank has been instrumental in supporting sports development in Zanzibar.

Ms Mwita lauded the bank for its recent 200m/- sports gear donation to support the 60th anniversary of the Zanzibar Revolution and urged the bank to continue partnering with the Zanzibar government.

He reiterated the ministry’s commitment to continue partnering with various stakeholders in Zanzibar to enhance sports development.

NMB Bank’s Zanzibar Cluster Manager, Ms Naima Said Shaame reiterated the bank’s commitment to continue working closely with the Zanzibar government adding that the bank apart from supporting various development projects has been instrumental in investing in Community Social Investments (CSIs) as part of its commitment to create a shared value for all its stakeholders including communities where the bank operates.

“As a bank, we are committed to fully supporting the realisation of the Zanzibar government’s Blue Economy Agenda through the provision of seamless banking solutions,” she said.

For example, in the execution of its intermediary role of providing financial literacy services, NMB has benefited over 10,000 people engaged in seaweed farming and salt production in the Isles.

In November last year, NMB Bank and the Zanzibar Commission for Public-Private Partnership inked a deal to cooperate in accelerating public-private partnerships (PPPs) project financing.

The Zanzibar Private Partnership is under the President’s Office (Labour, Economy and Investment).

The deal seeks to increase the participation of the private sector in economic development and job creation.

Under the MoU, NMB will provide tender guarantee services to players seeking to take part in various strategic development projects in Zanzibar.

So far, apart from the Zanzibar Private Partnership, NMB has partnered with several agencies in Zanzibar including the Zanzibar Investment Promotion Authority (ZIPA) and the Zanzibar eGovernment Agency (eGaz).

Speaking at the event, the Zanzibar Commissioner for Public and Private Partnership, Dr Bill Kiwia, said the MoU seeks to ensure the provision of services right at the grassroots level.

The Minister of State in the Zanzibar President’s Office (Labour, Economy and Investment), Mr Mudrick Ramadhan Soraga, said the government believes PPP was the best model to accelerate economic development in Zanzibar and that President Hassan Mwinyi has been tooting the kind of model for a long time.

He noted that the Isles Government will continue to work closely with the private sector to support sustainable development projects right at the grassroots level.

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