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NBC Bank commits business growth, blue economy in Zanzibar

The National Bank of Commerce (NBC) has expressed its steadfast commitment to continue collaborating with small, medium, and large-scale businesses

ZANZIBAR: The National Bank of Commerce (NBC) has expressed its steadfast commitment to continue collaborating with small, medium, and large-scale businesses through its various banking services to promote economic growth and stakeholder contribution in achieving the Blue Economy agenda and development empowerment in Zanzibar.

The commitment was emphasized by the Manager of NBC Zanzibar Branch, Mr. Abdul Karim Mkila, speaking on behalf of the bank’s Managing Director, Mr.

Theobald Sabi, at the launching event of the international forum for CEOs in Zanzibar known as ‘The Tanzanite CEO Roundtable, Zanzibar Chapter’ held in Zanzibar yesterday evening.

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The launch was led by Zanzibar’s Minister of Tourism and Antiquities, Mr. Mudrik Ramadhan Soraga, and was also attended by Minister of State, President’s Office Labour, Economic Affairs and Investment – Zanzibar, Mr. Sharif Ali Sharif.

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The forum brought together executives from companies and organizations across Tanzania, Kenya, South Africa, Mauritius, and neighboring countries, with the aim of strengthening the blue economy and empowering local businesses. NBC Bank was the key sponsor of the forum.

Speaking at the event, Mr. Mkila highlighted the importance, intention, and contribution of the bank in collaborating with businesses and various stakeholders to promote economic growth on the isles through its specially designed services, including loans and insurance.

“In essence, NBC is committed to collaborating with all stakeholders in social and economic development. Our role is to ensure that we empower small, medium, and large-scale businesses by providing them with quality banking services, loans, and insurance, to enable them to conduct their business efficiently,” said Mr. Mkila.

He added that the bank will continue to be a frontrunner in facilitating economic development by bringing financial inclusion for businesses in all sectors.

In addition to company executives, the forum, which had the theme of “Strengthening Domestic Trade and Building a Strong Blue Economy in Zanzibar,” also brought together other business and economic stakeholders, including investors. Participants had valuable opportunities to exchange ideas, experiences, and business growth strategies and investment opportunities in Zanzibar.

Speaking at the event, Minister Soraga called on participants to continue working closely together to promote the economy of the isles, particularly in the tourism, business, fishing, and housing sectors.

“This event is a rare opportunity for businesses, institutional leaders, and various stakeholders to come together and discuss important issues regarding investment and economic growth. As a government, we also rely on this forum as one of the best ways to receive advice on various economic issues to bring about sustainable development,” said Minister Soraga.

On his part, Minister Sharif emphasized the importance of company executives regularly meeting to discuss opportunities and challenges facing various economic sectors, as their discussions and opinions will greatly contribute to improving the investment environment and promoting the economy of Zanzibar, particularly through the blue economy agenda.

“In general, the launch of the Tanzanite CEO Roundtable, Zanzibar Chapter is expected to be a catalyst for development while also aiding in strengthening international collaboration in investment and business sectors, and making a significant contribution to the prosperity of Zanzibar’s economy,” he said.