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TCB and ZEEA sign MOU to drive inclusive development in Zanzibar

Tanzania Commercial Bank has inked a transformative Memorandum of Understanding with the Zanzibar Economic Empowerment Agency

DAR ES SALAAM: In a groundbreaking move to ensure inclusive development across Zanzibar, Tanzania Commercial Bank (TCB) has inked a transformative Memorandum of Understanding (MOU) with the Zanzibar Economic Empowerment Agency (ZEEA).

This strategic partnership aims to provide interest-free loans, encourage entrepreneurial activity, and businesses growth.

TCB’s Chief Executive Officer, Mr Adam Mihayo on Friday, Dar es Salaam, highlighted that the loans will specifically target women 40 per cent, youth 40 per cent, and people with disabilities 20 per cent.

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He also added that the ambitious plan aims to support 75 groups within the year, marking a significant step towards economic empowerment.

“This initiative is a direct response to directives from President Hussein Mwinyi, designed to spur development and uplift the people of Zanzibar,” Mihayo stated.

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He emphasized that TCB’s extensive branch network will be instrumental in delivering these loans effectively.

On his part Executive Director of ZEEA Mr Juma Burhan, expressed confidence in TCB’s capability to execute the initiative, citing the bank’s proven track record in working with community groups.

“Our collaboration with TCB is driven by their expertise and commitment to grassroots development,” Burhan noted.

Secretary-General of the Office of the President for Economic Affairs and Investment Ms Maryam Abdallah Sadala, underscored the importance of this agreement.

“This MOU is pivotal in realizing key economic empowerment projects for our citizens. It aligns perfectly with the government’s commitment to fulfilling its promises to the people of Zanzibar,” she said.

She said the partnership between TCB and ZEEA stands as a testament to their shared vision of inclusive growth, ensuring that no one is left behind in the journey towards economic prosperity.