Zanzibar growth opens financing opportunities
ZANZIBAR: ZANZIBAR’S tourismled economic expansion is opening new opportunities for businesses across the islands, with the National Bank of Commerce (NBC) positioning access to finance as a key driver of investment and privatesector growth.
NBC Managing Director Mr Theobald Sabi said recently that the rising investment in tourism, infrastructure and related activities, particularly in Kusini Unguja District, was creating demand for capital to help businesses expand operations, improve productivity and pursue new ventures.
“Businesses and investors seeking to harness the opportunities available in Zanzibar, including here in Kizimkazi,” require access to capital and appropriate financial solutions, Sabi said after the Kizimkazi Festival.
He said affordable financial services could help businesses increase production, create employment and generate sustainable income for communities.
The comments come as tourism and infrastructure investment reshape parts of southern Unguja, with President Samia Suluhu Hassan urging businesses and investors to take advantage of emerging opportunities.
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NBC Managing Executive, Corporate and Investment Banking, Mr Elvis Ndunguru, said the growth of tourism was creating opportunities beyond hotels and accommodation, extending to transport, food and beverages, local manufacturing, entertainment, arts and other services.
He said businesses across the tourism value chain would need financing to establish operations, expand capacity and meet growing demand.
NBC participated in the festival’s Business Exhibition, where companies showcased their products and services.
The bank also sponsored a photography art auction led by President Samia to raise funds for clean cooking initiatives and environmental conservation.
Ndunguru said the bank’s participation reflected its interest in supporting economic and social initiatives alongside financial services.
