Tanzania Investment Bank (TIB) has pledged to finance various industries within the country that will help in creating value-addition for locally produced goods.
Speaking during the ongoing 36th Dar es Salaam International Trade Fair (DITF) at the Saba saba grounds, TIB Managing Director Peter Noni said his bank will, apart from the financial support, offer technical hold up to local producers who will show interest in the initiative.
“We want to ensure that the country realises its vision of becoming an industrial country by 2025 by supporting nationals to start their own industries. What is required of them is to be bold enough to come up with workable proposals and we will support them.
“We also invite those who have funds but lack knowledge to put together a workable industrial plan, to come to us and we will support them,” he said.
He said local producers would get more profits by embarking on value-added products rather than exporting semi-finished goods to the international markets.
Noni called upon Tanzanians not to be shy to invest in industries but instead embrace the opportunity given by TIB to offer both financial and technical help to those who will venture in industrial business.
‘The country is still faced with a challenge of not having best skills in how to run some big industries, but we as TIB are asking Tanzanians not to shy away.
“A few local industries we have supported are now doing very well at the moment. We have some funds to offer to other potential industrialists at competitive rates,” Noni added.
Noni said TIB also seeks to partner with various organisations owning large pieces of land to build areas where small and medium entrepreneurs (SMEs) can construct their industries by only renting a space where they erect their machines.
“We are in talks with municipalities in Dar es Salaam, and we have so far agreed with the Ilala Municipal Council on how we can support the reconstruction of Kisutu market in a way that will accommodate more small industries.
“We have also talked to DDC so that TIB can support the reconstruction of DDC Magomeni. TIB has also agreed with Small Industries Development Organisations (SIDO) on the proposed construction of an industrial park,” he said.
The TIB Managing Director said that with these structures in place, people with small industries will be able to install their machines at relatively low cost thus reduce the number of challenges they face in setting up industries.