TIB Bank, UNDP agree to develop financing systems that drive inclusive economic growth

DAR ES SALAAM: THE TIB Development Bank has signed a four-year Memorandum of Understanding (MoU) with the United Nations Development Programme aimed at strengthening development financing systems to drive inclusive and sustainable economic growth in the country.

The signing ceremony took place on March 17, 2026, in Dar es Salaam at the bank’s headquarters. The partnership is expected to unlock new opportunities for developing innovative, high-impact projects while attracting both domestic and foreign investment.

Speaking at the event, TIB Development Bank Chief Executive Officer, Deogratius Kwiyukwa, stated that priority areas under the agreement will include renewable energy, small and medium-sized enterprise (SME) development, the blue economy, and youth-led initiatives. He emphasized that the collaboration reflects a shared commitment to accelerating sustainable development, with the bank continuing to provide long-term financing and innovative financial solutions to stimulate investment in key sectors of the economy.

Kwiyukwa added that the agreement demonstrates growing confidence among international development partners in TIB’s capacity to design, structure, and implement development projects with significant positive economic impact.

On his part, UNDP Resident Representative, Shigeki Komatsubara, noted that the partnership aligns with the goals of Tanzania’s Development Vision 2050 and the government’s efforts to drive sustainable economic transformation, strengthen investment opportunities, and protect environmental resources.

He further explained that these efforts are being advanced under the leadership of President Samia Suluhu Hassan, whose administration has continued to push forward economic reforms, promote sustainable development, and strengthen strategic partnerships that enhance Tanzania’s competitiveness in the global economy. Tanzania has also demonstrated positive progress in strengthening economic resilience, advancing sustainable development, and maintaining regional peace and stability.

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Komatsubara underscored that collaboration with national financial institutions such as TIB Development Bank is critical to scaling development impact. He reaffirmed that UNDP recognizes Tanzania’s strong commitment to sustainable development, environmental protection, and economic resilience.

Through the agreement, both parties aim to establish innovative financing mechanisms that will promote inclusive growth, enhance economic resilience, and expand development opportunities for communities across the country.

Overall, the MoU sets a framework for implementing joint projects, technical collaboration, and resource mobilization to accelerate high-impact development initiatives, strengthen community capacity, create employment opportunities for youth, and contribute to Tanzania’s sustainable economic future.