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Banks provide 25bn/- to TFC

"Exim Bank is to provide 12bn/-, Umoja Unit Trust Scheme (Umoja Fund) 10bn/- and NIC Bank Tanzania Limited 3bn/-," Exim Bank said in a statement issued on Wednesday. The statement said that the loan was being issued at a highly competitive rate for a period of five years.

The funds will be used in developing a new 20-storey tower and renovation of the existing 12-storey building at Mnazi Mmoja area, overlooking the historical Mnazi Mmoja Gardens.  "On completion the building is expected to accommodate banking facilities, ultra modern conference,  shops, restaurants and a car park.

The rehabilitated building will accommodate space to let together with the head office of TFC,” the statement adds. The statement added that construction of the new tower and rehabilitation work and all ancillary work is expected to be completed in 24 months.  

TFC is the umbrella organisation promoting and co-rdinating activities of co-operative societies on mainland Tanzania.   Exim Bank is the country’s sixth largest bank in terms of total assets, deposits and finances and has a network of 22 branches and 48 Automated Teller Machines (ATM) across the country. 

It is the only locally bank which has extended wings outside Tanzania, with opening of subsidiaries in Djibouti and Comoros Island. It has a single branch in Djibouti and two branches in Comoros. The bank recently acquired a new core banking solution from M/S Polaris Software Labs Limited ,one of the leading IT enabled banking solution provider in the world market that has helped the bank provide services more convenient and effectively.

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Author: DAILY NEWS Reporter

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