Maruhubi Terminal: NBC’s strategic play in Zanzibar’s growth story

ZANZIBAR: The National Bank of Commerce (NBC) has reaffirmed its strategic commitment to supporting Zanzibar’s economic transformation by financing large-scale infrastructure projects that catalyse growth across key sectors.

This follows the Bank’s concessional financing support for the construction of the Maruhubi (Mpiga Duru) Passenger Ferry Terminal, a landmark development expected to significantly enhance tourism, trade, and transportation in the Isles.

NBC’s involvement was underscored over the weekend when the Bank, represented by its Director of Retail Banking, Mr. Elibariki Masuke, participated in the foundation stone laying ceremony for the terminal. The event was officiated by the Second Vice President of Zanzibar, Hon. Hemed Suleiman Abdullah, marking an important milestone in the implementation of one of Zanzibar’s most ambitious infrastructure projects.

The Maruhubi Passenger Ferry Terminal is being developed through a Public Private Partnership (PPP) between the Zanzibar Ports Corporation and Zanzibar Ferry Development Company Limited. The project aims to address long-standing congestion challenges at Malindi Port while significantly improving the efficiency, safety, and quality of passenger movement. Upon completion, the terminal is projected to handle approximately 8,000 passengers per day—equivalent to nearly three million passengers annually—representing a major boost to Zanzibar’s transport capacity.

Designed as a modern, multi-purpose maritime facility, the terminal will accommodate conventional passenger ferries, fast ferries, Roll-on/Roll-off vessels, and marine taxis. In addition, the development will feature a duty-free zone, retail outlets, a marina, and a seaplane port. These complementary facilities are expected to enhance the overall passenger experience while strengthening Zanzibar’s position as a regional maritime gateway and a premier tourism destination.

The project carries an estimated investment value of USD 400 million and will be implemented in two phases over a three-year period. NBC Bank is listed among the major financiers, underscoring its growing role in funding transformational infrastructure aligned with national and regional development priorities.

Speaking on the sidelines of the ceremony, Mr. Masuke said NBC was proud to support a project that directly contributes to Zanzibar’s long-term economic vision. He noted that NBC became the first bank to provide financial backing for the development, extending bridge financing in February 2024 to support the implementation of Phase One A.

Beyond construction financing, NBC will also support the operational phase of the terminal by deploying digital revenue collection systems at both Maruhubi and Malindi ports. These systems are expected to enhance operational efficiency, strengthen transparency, and improve revenue management across port operations.

Mr. Masuke further explained that NBC’s engagement with Zanzibar Ferry Development Company began in early 2024, following a Memorandum of Understanding signed in 2023 between the company and the Revolutionary Government of Zanzibar to develop modern passenger and cargo terminals across the Isles.

“NBC Bank assures the people of Zanzibar and all stakeholders that it remains fully committed to supporting government and private sector development initiatives,” Mr. Masuke said. “Our role goes beyond financing. We see ourselves as a long-term strategic partner in Zanzibar’s journey toward sustainable economic growth and shared prosperity.”

Echoing these sentiments, the Managing Director of Zanzibar Ferry Development Company Limited, Mr. Jaffer Machano, commended NBC Bank for its early and sustained support, describing it as critical to the project’s progress.

“We highly appreciate NBC Bank for its substantial financial support and strategic partnership in the Maruhubi Passenger Ferry Terminal project,” Mr. Machano said. “NBC’s early commitment has played a significant role in advancing this development, and we look forward to a long-term partnership that delivers meaningful economic impact for Zanzibar.”

NBC’s growing footprint in Zanzibar extends beyond this project. Recently, the Bank acted as Lead Arranger and Manager of a USD 200 million financing facility for the Revolutionary Government of Zanzibar to support large-scale social and economic development initiatives.

Currently, NBC operates two branches in Zanzibar and works with more than 200 banking agents across the Isles, continuing to expand access to financial services and reinforce its role as a key enabler of inclusive economic development.