NBC, Jubilee Allianz partner to support Z’bar contractors

ZANZIBAR: The National Bank of Commerce (NBC), in partnership with Jubilee Allianz Insurance Tanzania, has conducted a specialized seminar aimed at strengthening the capabilities of local contractors in Zanzibar.

The initiative is part of broader efforts to support infrastructure development in the Isles by equipping contractors with critical financial and insurance knowledge necessary for effective project execution.

Held in Zanzibar, the workshop brought together key stakeholders from both the public and private sectors. Among those in attendance were the Minister of Infrastructure, Communications, and Transport of Zanzibar, Dr Khalid Salum Mohamed; the ministry’s Permanent Secretary, Dr Habiba Hassan Omar; contractors from across the region; and senior representatives from NBC and Jubilee Allianz Insurance.

Leading the team from NBC was Zubeir Masabo, Head of Debt and Capital Markets, while Yassin Ally Masenza, Head of Underwriting, represented Jubilee Allianz. Both played active roles in the seminar, offering insights into the financial and insurance solutions available to support contractors’ work.

During the seminar, Dr Khalid commended NBC and Jubilee Allianz for their joint efforts, noting the importance of private sector involvement in achieving Zanzibar’s development goals.

He acknowledged the persistent challenges faced by local contractors, especially in terms of limited access to financial support and insurance services, and expressed hope that the initiative would help overcome these obstacles.

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“Zanzibar has identified four key development priorities: transportation and logistics infrastructure, the blue economy, essential social services such as education, health, water, and electricity, and tourism,” Dr Khalid stated. “To succeed in these areas, our contractors must be empowered to protect their projects from potential disasters such as floods, fires, and hurricanes.”

He went on to say, “The combined efforts of NBC and Jubilee Insurance will increase awareness and improve access to tools that enable our contractors to complete projects efficiently, on time, and to the highest standards.”

Dr Khalid also stressed the importance of public-private partnerships, which he said are becoming increasingly vital in driving national progress. He urged contractors to make full use of the knowledge shared at the seminar to improve their performance and deliver better outcomes for the country.

“We hope that what our contractors learn here will empower them to raise the quality of their project implementation,” he added. “The government, as a major stakeholder, expects nothing less than timely, high-quality, and cost-effective delivery.”

Speaking earlier, NBC’s Mr Masabo emphasized the bank’s dedication to supporting local contractors by offering targeted financial solutions. “At NBC, we recognize that the construction sector plays a critical role in national development. For our contractors to compete with international firms, they need financial strength and the right support systems,” he said.

He detailed NBC’s offerings, which include performance guarantees, working capital for tendering, long-term loans of five to seven years, and Engineering, Procurement, and Financing (EPC+F) models. He also highlighted public-private co-financing arrangements as part of the bank’s approach.

Mr Masenza of Jubilee Allianz underscored the insurance provider’s commitment to developing tailor-made insurance products for local contractors. “One of the biggest challenges contractors face is accessing affordable and timely insurance. Jubilee is ready to create solutions that fit their needs and protect them throughout project execution,” he noted.

The event concluded with interactive discussions, allowing contractors to ask questions, share experiences, and engage with financial and insurance experts. The seminar not only equipped them with practical tools but also fostered a collaborative spirit that could lead to stronger partnerships and continued professional development.