NBC responds to Samia’s call, commits to drive economic growth in Z’bar

ZANZIBAR: Zanzibar’s expanding investment, infrastructure and tourism activity is creating new opportunities for businesses, investors and entrepreneurs, particularly in areas experiencing rapid economic development such as Kizimkazi and the wider Kusini Unguja District.

National Bank of Commerce (NBC) has said it will continue supporting businesses seeking to take advantage of these opportunities by providing financial solutions that enable them to access capital, expand operations, improve productivity and invest in new ventures.

Speaking after the conclusion of the Kizimkazi Festival over the weekend, NBC Managing Director Theobald Sabi said the bank sees significant opportunities emerging from Zanzibar’s economic transformation. He said closer cooperation between financial institutions and the private sector would be important in converting growing investment activity into sustainable economic development.

“Businesses and investors seeking to harness the opportunities available in Zanzibar, including here in Kizimkazi,” would require access to capital and appropriate financial solutions, Mr Sabi said, adding that business growth can contribute to wider economic development.

He noted that suitable and affordable financial services can help create conditions for private-sector investment, with business expansion potentially increasing production, creating employment and generating sustainable income opportunities for communities.

The comments come as Zanzibar, particularly Kusini Unguja District, experiences increased economic activity driven largely by investment in tourism, infrastructure and related sectors.

Officially closing the Kizimkazi Festival, President Samia Suluhu Hassan called on businesses and investors to take advantage of opportunities emerging across Zanzibar.

President Samia said the Kusini District had undergone significant transformation compared with 2016, with investment, particularly in tourism, contributing to economic and social development. She also identified the Kizimkazi Festival as an important catalyst in the area’s progress.

The growth of tourism has implications beyond hotels and accommodation. It supports a broader network of businesses involved in transportation, food and beverages, local products, entertainment, arts and other tourism-related services.

NBC Managing Executive, Corporate and Investment Banking, Elvis Ndunguru, said the President’s message highlighted the role of the private sector in unlocking Zanzibar’s economic potential.

He said continued tourism growth could create opportunities throughout the value chain, while businesses in hospitality, transport, accommodation, food and beverages, local manufacturing, entertainment, arts and related services could benefit from increased demand.

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For such businesses, access to finance can be important in establishing operations, expanding capacity and investing in products and services needed to meet a growing market. Mr Ndunguru said NBC’s approach includes working with businesses and investors through different stages of growth and investment.

The bank participated in the Kizimkazi Festival as one of the stakeholders involved in the event. Its activities included participation in the Business Exhibition, which gave businesses and other stakeholders an opportunity to display their products, services and activities.

NBC also sponsored a photography art auction led by President Samia to raise funds for promoting clean cooking energy and supporting environmental conservation.

Mr Ndunguru said the bank’s involvement reflected its interest in initiatives addressing social, economic and environmental issues alongside financial services.

During the closing ceremony, President Samia thanked stakeholders that participated in and contributed to the festival, including NBC, for their role in the successful staging of the event.

The festival comes as Zanzibar continues to attract investment and expand economic activity, highlighting the importance of businesses being able to access the capital and financial services needed to participate in that growth.