TIC, CRDB agree to woo investors

DAR ES SALAAM: THE Tanzania Investment Centre (TIC) has inked an agreement with CRDB Bank to simplify investors’ payments through the latter channels.

The Memorandum of Understanding (MoU) was signed over the weekend by the TIC’s Executive Director, Mr Gilead Teri, and the CRDB Bank’s Chief Commercial Officer, Mr Boma Raballa, in Dar es Salaam.

Mr Teri told reporters that the MoU will promote investment by simplifying the payments platform by upgrading the centre’s electronic investment system that favours investors directly in and outside the country.

“We want to further modernise our internal electronic operation system to match with the increasing number of investors hence picking CRDB,” he said.

TIC, last year, registered 526 projects worth 5.7 billion US dollars (14.25tri/-) in comparison to 293 projects worth 4.5 billion US dollars (11.25tri/-) recorded in 2022, thanks to new Investment Act of 2022.

In that regard, he said TIC wants to adopt a world class electronic system by taking advantage of the CRDB’s Information Communication Technology (ICT) experts.

TIC head said the centre targets to register 1000 projects this year, and CRDB is the potential collaborator toward achieving its goal. Additionally, TIC and CRDB will carry out an investment awareness campaign to citizens to capacitate locals to tap various opportunities available.

The CRDB’s Chief Commercial Officer, Mr Raballa said the inked cooperation framework will benefit both local and foreign investors as they will integrate into the TIC system to create a suitable fee payment platform.

“We believe this system will benefit investors and the public at large by using CRDB’s vast experience including through foreign currency exchange, lending, and insurance services,” Mr Raballa said.

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