TISEZA, TCB partner to boost investment facilitation

DAR ES SALAAM: THE Tanzania Investment and Special Economic Zones Authority (TISEZA) has signed a Memorandum of Understanding (MoU) with Tanzania Commercial Bank (TCB) to collaborate in facilitating and promoting investment in the country. Under the cooperation framework, TCB will provide financial services, including operating capital, to both domestic and foreign investors.

Speaking during the signing ceremony on Thursday in Dar es Salaam, TISEZA Director General, Mr Gilead Teri, said the partnership consolidates TISEZA’s position as the One Stop Facilitation Centre that integrates effective financial services for investors.

“The main objective is to ensure that investors can seamlessly register their projects and access financial services through the One Stop Facilitation Centre,” Mr Teri said.

He expressed confidence in TCB’s ability to serve investors, noting its wide coverage through more than 80 branches nationwide. TCB ranks third among banks in terms of branch network.

Mr Teri further noted that TCB will also support Tanzanians in the diaspora keen to invest at home, enabling them to bring capital into the country while TISEZA works to promote economic opportunities in priority sectors such as manufacturing.

Additionally, he highlighted incentives available to domestic investors, including free land for industrial projects, exemption of capital goods up to 100 per cent and import duty relief of up to 75 per cent.

He stressed that the MoU also provides a blueprint for the two institutions to exchange technical skills and experience to improve service delivery.

On his part, TCB Chief Executive Officer and Managing Director, Mr Adam Mihayo (pictured below), said the partnership aligns with President Dr Samia Suluhu Hassan’s directive for StateOwned Enterprises (SOEs) to collaborate in order to scale up productivity and generate non-tax revenues.

“As of today, our bank has 82 branches and we are committed to adding 10 more every year,” Mr Mihayo said, adding that TCB already has 7,000 agents and plans to recruit 3,000 more this year.

He emphasised that TCB’s five-year development plan focuses on supporting productive sectors such as manufacturing and agriculture, which are crucial for economic transformation.