TIB ordered to enhance its operations to align with its role as an investment facilitator

DODOMA: The Minister of Finance, Khamis Mussa Omar, has directed the Tanzania Investment Bank (TIB) to further strengthen its operational systems in order to achieve the objectives for which it was established, particularly in supporting the government’s implementation of the National Development Vision 2050 through boosting the national economy and improving citizens’ welfare.

The directive was issued in Dar es Salaam during a meeting between the Minister and TIB’s management, led by the Chairman of the Board of Directors, Mr. Sosthenes Kewe. The meeting aimed to discuss various issues related to enhancing the bank’s performance and its contribution to national economic growth.

Ambassador Khamis emphasized that it is essential for TIB to fully focus on fulfilling its founding mandate in collaboration with other financial institutions. He stressed the need for the bank to play a greater role in facilitating the implementation of development projects by formulating comprehensive strategies, including strengthening the monitoring and recovery of loans from its clients.

“In the next 12 months, you are required to come up with a strategy to address financial challenges and make this your top priority. The Board should also put in place mechanisms to conduct quarterly financial reviews using various performance indicators,” said Ambassador Khamis.

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On their part, while presenting a report on the implementation of the bank’s responsibilities, the Chairman of the TIB Board of Directors, Mr. Sosthenes Kewe, together with the bank’s Managing Director, Mr. Deogratius Kwiyukwa, stated that TIB is well prepared to make a significant contribution to the implementation of the National Development Vision 2050.

They explained that the bank will facilitate access to financing for the development of various economic and social projects. Priority areas over the next 25 years include job creation through agricultural projects that add value to produce, water projects, and reforms in the financial sector. More than five trillion Tanzanian shillings are expected to be invested in these priority areas.